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To: Lucretius who wrote (300266)	1/11/2005 3:52:28 AM
From: j-at-home	Respond to of 436258

3:48am 01/11/05 PiperJaffray drops AMD to underperform, target to $15 (AMD, INTC) By Emily Church LONDON (CBS.MW) -- PiperJaffray overnight dropped its rating on chipmaker Advanced Micro Devices (AMD) to underperform and cut its price target to $15 after AMD late Monday cautioned it expects sales for the quarter ended Dec. 26 "are expected to be up slightly" from the $1.24 billion it posted in the previous quarter. Analysts expect AMD to post sales of $1.35 billion, on average, based on a survey of analysts by Thomson First Call. Citing AMD's expectation for a quarter-on-quarter decline in its flash business, PiperJaffray said it suspected "difficult pricing from Intel (INTC) is the primary culprit." Flash accounts for around 50 percent of sales for AMD and around 10 percent at Intel, the broker said. "As such, Intel can push the flash button and put a crimp in AMD's cash flow generation." AMD ended up 1 percent Monday at $20.13.