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SoundView Cuts Advanced Micro Outlook

Wit SoundView cut its estimates on Advanced Micro (AMD).

Analyst Scott Randall says the shortfall reflects a combination of a continued weak PC sell-through; excess processors that were shipped into the market in the first half, and a weaker competitive position. Randall says he talked about all of these issues in late September. With the new Hammer chip introduction delayed until the first quarter of fiscal 2003, Advanced Micro's competitive position in the near term will be difficult to improve and customer confidence is likely to sag a bit.

Randall cut his third quarter revenue estimate to AMD's provided range, and cut the forward numbers pretty significantly, too. He says he can't release exact numbers to the press at this time. Randall maintains his neutral rating and cut the $9 target to $7.

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