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Wells Fargo Initiates Coverage on AMD

Wells Fargo initiates coverage of Advanced Micro Devices (AMD) with a buy rating and a $27 target.

Analyst Tad LaFountain believes AMD is in the third stage of its corporate evolution. He says AMD is now demonstrating technical leadership while simultaneously exhibiting much stronger execution. Attainment of profitability in the current market climate appears to be a validation of their accomplishment.

LaFountain looks for AMD's processor revenues to continue to ramp in the fourth quarter, at a rate sufficient to offset stagnant memory sales and drive total revenues up 12% year-over-year to $1.35 billion. Accordingly, he sees 56 cents 2004 earnings per share on $5.1 bilion in revenues, and $1.01 2005 earnings per share on record revenues of $6.1 billion.

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