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Technology Stocks : Advanced Micro Devices - Moderated (AMD) -- Ignore unavailable to you. Want to Upgrade?

To: James Calladine who wrote (9877)	9/22/2000 12:25:57 PM
From: AK2004	Respond to of 275872

James, all below is Chase h&q report. They state that amd is in line with expectations and there is an upswing in demand now but..... Does not make much sense. Regards -Albert 06:44am EDT 22-Sep-00 Chase H&Q (Sudeep Balain) AMD INTC INTC.N AMD: Reducing Our Rating to Market Perform; Lowering Price Target to $35 ** Chase H&Q Chase H&Q Chase H&Q ** Company: Advanced Micro Devices Price: 24 Recommendation: Market Perform Notes: f Analyst: Sudeep Balain 415-371-4409 Date: 9/22/00 AMD: Reducing Our Rating to Market Perform; Lowering Price Target to $35 * While we believe that AMD's quarter is intact, in terms of meeting our top line and EPS numbers of $1.2B and $0.62 respectively, we believe that due to Intel's shortfall and the fact that Intel (INTC, $48, MP) is the bellwether in the industry and the largest supplier of MPUs, AMD's stock will continue to be under pressure in the short term. * Our recent channel checks within the industry show that the company is already beginning to see an upswing in demand due to the Christmas holiday season. We are concerned though, that if PC sales do slowdown below our forecast of approximately 15-17%, there could be a meaningful inventory overhang in the system where we believe Intel will try to gain more marketshare at AMD's expense. * We are lowering our rating on AMD from a STRONG BUY to a Market Perform and our price target from $75 to $35 but we will revisit both our rating and our price target once we get better clarity on the dynamics of the MPU market. 1999 A 2000 E 2001 E Q1 EPS $(0.41) $0.57A $0.59 Q2 EPS (0.55) 0.61A 0.61 Q3 EPS (0.36) 0.62 0.69 Q4 EPS 0.22 0.70 0.86 FY EPS (1.10) 2.50 2.75 FY REVS (M) 2,858 4,859 6,014 CY EPS (1.10) 2.50 2.75 CY P/E NM 9.6 8.7 FY Ends Dec Current Price $24.00 52-Week Range $8-48 Market Cap (M) $8,458 Shares Out (M) 352.4 Book Value $13.86 Cash/Share $7.65 P/S Ratio LTM 2.17 P/S Ratio FTM(E) 1.58