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Technology Stocks : Advanced Micro Devices - Moderated (AMD)
AMD 198.12-5.2%Dec 17 3:59 PM EST
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To: AK2004 who wrote (963)7/17/2000 4:28:49 PM
From: AK2004Read Replies (1) of 275872
 
Soundview Upgrades amd target to 108 from 90

We are increasing our estimates for both 2Q00 and C00 and C01. For 2Q00 our EPS number increases to $1.22 from $1.04. For C00 and C01 our EPS projections rise to $5.27 and $4.94 from $4.86 and $4.77, respectively. We believe that AMD's results for 2Q00 will likely exceed consensus expectations, although following AMD's 1Q00 results that far exceeded expectations, whisper expectations may end up being considerably higher yet.
While we will continue to worry that a competitive response from Intel could result in a more aggressive pricing environment, we currently see no signs of an impending price war. With supply of processors improving from Intel, but still likely to be tight as we move through 2H00, and with only limited impact from low-end players, we continue to believe that the pricing environment for AMD (and Intel) will be benign. Coupled with what we expect will be continued strong demand for FLASH we are continuing with our buy rating on AMD. Improving processor availability and the nearing introduction of Willamette by Intel in 2H00, could we believe, serve to limit the multiple expansion for AMD. Nonetheless, based on our new C 01 estimates and a conservative 22x multiple, we are increasing our price target to $108 from $95.
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