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Technology Stocks : Semi Equipment Analysis

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To: Donald Wennerstrom who wrote (31304)	7/7/2006 2:55:21 PM
From: Donald Wennerstrom	Read Replies (1) of 95730

Advanced Micro Briefing.com - July 07, 2006 9:26 AM EDT Prudential reiterates Overweight. Target $45 to $40. Firm cuts price tgt noting AMD lowered its June sales forecast to $1.215 bln vs. prior est. for sales to be flat to down slightly. The firm says although a shortfall was expected, they believe the magnitude was worse than investors had been anticipating. They also says various factors lead tje, to believe that the worse may not yet be behind for AMD. Specifically, they believe that 1) a continued deterioration in AMD channel inventory, 2) difficult comps heading into Q3, which will revert back to a normal 13-week qtr, 3) margin impact from late qtr. price cuts, which will be felt almost entirely in Q3, 4) strong likelihood of share loss to Intel (INTC) in 2H06, and 5) an elevated cost structure heading into '07, will result in further downward adjustments to AMD's consensus forecast.

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