HardOCP News
[H] News
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- Dec 31, 1969
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Advanced Micro Devices has been upgraded from Neutral to Buy. Price target increased from $8.50 to $10. Positive events lead us to believe that AMD's risk/reward is now compelling...It all happened faster than expected - AMD's capital structure improved as a result of Intel’s $1.25B settlement AND yesterday’s announcement of AMD debt restructuring actions. We believe AMD's debt of ~$3.7B will be reduced by ~25% (assuming the full $1B is tendered), while also lowering interest expense slightly less, ~20% (assuming new $500M prices between 8% and 12%).