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Robbie Stephens Cuts Advanced Micro to 'Market Perform'

Robertson Stephens downgraded Advanced Micro Devices (AMD) to market perform from buy.

Analyst Eric Rothdeutsch says PC demand continues to be weak, particularly in Europe where the company has a solid mindshare vs. the U.S. market. He sees a positive early market reaction to the company's 64-bit Opteron, however, volume production is not expected until early 2003.

Rothdeutsch says the company is in a difficult production and pricing position as Intel has accelerated its new product roadmap, especially for its Pentium 4 Celeron products. He widened his $0.06 2002 loss estimate to a $0.22 loss and cut his $0.70 2003 earnings per share estimate to $0.50 EPS.

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