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Goldman Sachs Cuts AMD Estimates

From Standard & Poor's Equity Research

Goldman Sachs cut its estimates on Advanced Micro Devices (AMD) and kept a neutral on the stock, noting news that the company lowered its guidance.

The company recently announced that it sees lower-than-expected second quarter sales of $1.215 billion, 9% below the first quarter level. It also says sales of entry-level, mainstream mobile, and desktop processors were down.

Analyst James Covello feels the preannouncement was driven by a weaker-than-expected PC environment, as well as some market share gains by Intel (INTC), driven by its very aggressive pricing. He cuts his $1.55 2006 earnings per share (EPS) estimate to $1.30, and his $1.75 EPS 2007 estimate to $1.50. He has a $25 stock price target.

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