Advanced Micro Devices Inc (AMD)

[HailMary]

Upgrade

Sanford Bernstein ups AMD's estimates, price target (AMD) By Tomi Kilgore
NEW YORK (CBS.MW) - Analyst Adam Parker at Sanford Bernstein believe Advanced Micro Devices' fourth quarter is "tracking above consensus expectations" due to strength in both the chipmaker's PC processor and flash memory businesses. He now expects the company to earn 7 cents a share on revenue of $1.12 billion, vs. his prior projections of a penny a share and $1.08 billion, respectively. Looking ahead, Parker upped his 2004 earnings forecast to 40 cents a share from 22 cents, citing expectations that AMD will drive out costs in its flash memory business and benefit from increasing average selling prices in its processor business. As a result, he upped his stock price target to $16 from $14. The stock rallied 30 cents to $15 in pre-open trading.

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?siteid=mktw&dateid=37984.3729166667-8108...