[edited] @AK2004 - SSB on AMD/INTC
"
...
Discussions with customers at Computex clearly indicate that AMD has not yet responded to
Intel’s July 23rd price cuts, raising the specter of some combination of either share loss or a
forthcoming price cut from AMD.
(rocket science SSB ... why AMD should talk about coming
price cuts, when they could sell 100% at this HIGH price points?
Do we always have to mirror Intel actions, which ONLY show,
that they are behind?)
...
We note that while some hope fromAMD is based on the May
23rd launch of AM2, early signs suggest sales have been sluggish.
(lol, the launch did just happen and good retail availability
is given from this week on - so they could really speak
with proven data about sluggish demand?)
...
Additionally, while we have expected to see solid support from HP (in the form of a line-up
ofWoodcrest based servers) when the new server chip is announced, we now add IBM to
that list. Contacts suggest IBM will also have a line-up ofWoodcrest based servers, at or
around its late-June introduction.
(again lol, what did these guys expect? All Tier1 vendors
will introduce Woodi systems, thats given. They should ask
instead, if Intel will be able to hold 80+% marketshare in 1/2P?)
...
Tier-1 motherboard shipments in April were below plan, down 23% m/m.
(again a BIG surprise, the channel is full of boards, so why
fill it even more?)
edit: SIA says for April
The PC market remains strong, with unit sales of personal computers running 13 to 15% ahead of last year's levels.
edit-end
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AMD Estimates and Price Target Reduced. Reflecting a combination of a) lower units, b)
less share gain, and c) lowerASP’s, our 2006 GAAP EPS for AMD is reduced from $1.28 to
$1.14, with 2Q06 GAAP EPS falling from $0.27 to $0.22.
(thats a word, I can really live with that and its the first,
who takes his numbers officially down. We will review that
later ...)
...
Our price target falls from $42 to $33, reflecting both lower estimates and lower multiples,
as AMD’s recent track-record of share gain is threatened.
(lol again, lowering AMDs and INTC earnings forecasts is
fine, but why lower AMDs target and hold Intels constant?)
...
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