AMD's Strength May Come From Pentium 4 Weakness
Advanced Micro Devices(AMD Quote) woke up this morning to the Grinch's smiling face.
Prudential unleashed a sell rating on AMD Thursday, declaring that the chipmaker's recent price and market-share gains have more to do with a shortage of Intel's (INTC Quote) Pentium 4 than with advances made by the AMD Athlon XP family of chips.
Analyst Hans Mosesmann accompanied his rating with a drooping 12-month price target of $10 on AMD -- a level the chip underdog was below as recently as Oct. 31. AMD shares were down 10.4% to $16.40 in Thursday morning trading after the downgrade. That represents a 70% increase from Oct. 31's closing price of $9.84. According to Multex.com, the current consensus analyst ranking for AMD is buy, and the consensus target price is $19.22. ...
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