NEW YORK, Oct 24 (Reuters) - PaineWebber analyst David Wong on Tuesday
said he initiated coverage on shares of computer chip maker Advanced
Micro Devices Inc. (NYSE:AMD - news) with an investment rating of
attractive.

Wong also said that he set a 12-month price target of $27 a share,
and that he was impressed with the company's ability to keep up
with rival Intel Corp. (NasdaqNM:INTC - news) in offering
microprocessors.

AMD's stock is undervalued relative to the values of its competitors, 
Wong said.

AMD shares were off $1, or about 5 percent, at $20-7/8 in early morning
trading on the New York Stock Exchange, below their 52-week high
of $48-1/2.