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JMP Downgrades Advanced Micro Devices to 'Outperform'

JMP Securities downgraded Advanced Micro Devices (AMD) to outperform.

Analyst Krishna Shankar says he downgraded the chipmaker to outperform, from strong buy, based on strong stock-price appreciation. He says the 12 cents fourth-quarter earnings per share (including a 3 cents one-time gain) beat his 6 cents estimate, driven by significant strength in flash memory chips.

Although, like others, AMD anticipates some slowdown in the first quarter due to seasonality, he believes AMD is well-positioned to participate in a consumer and PC upcycle. Due to solid results, he raised the 40 cents 2004 earnings per share estimate to 45 cents. Shankar initiated a $1.00 2005 earnings per share estimate as the company gains momentum in businesses. He has a $20 target.

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