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Banc of America Cuts Advanced Micro to Neutral


Banc of America lowered Advanced Micro Devices (AMD) to neutral from buy.

Analyst John Lau says his revised outlook for Advanced Micro reflects a deteriorating price environment for NOR flash products, and a revised view on the semiconductor cycle for 2005. He believes weakness in NOR flash products will likely offset strength in PC processors.

Lau cut his $1.344 billion third-quarter revenue estimate to $1.374 billion and trimmed the 15 cents EPS to 13 cents. He cut the $5.372 billion 2004 revenue estimate to $5.298 billion, cut the 54 cents EPS to 51 cents, lowered the $5.986 billion 2005 revenue estimate to $5.597 billion, and reduced the 83 cents EPS to 53 cents, below the 76 cents consensus.

Also, Lau lowered the $20 target price on Advanced Micro to $12. He cut the $32 Intel target to $27, lowered the $14 Micron Technology target to $12, cut the $32 Texas Instruments target to $24, reduced the $42 Broadcom target to $36, and trimmed the $5 LSI Logic target to $4.


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