J.P. Morgan Neutral On Advanced Micro Devices

J.P. Morgan Chase & Co. is out with a research report on Advanced Micro Devices AMD and it has a Neutral rating and $8 price target on shares. In a note to clients, J.P. Morgan Chase & Co. writes, "Yesterday before the open, AMD named former Lenovo President and COO, Rory Read, as its new CEO. The announcement comes more than seven months after its previous CEO, Dirk Meyer, resigned on January 10. Interim CEO, Thomas Seifert, will return to his prior role as CFO. Although we are encouraged that AMD finally has leadership in place, we remain Neutral on the stock due to our concerns on consistent profitability given weak PC fundamentals and Intel's increasing capacity." Shares of AMD gained 3 cents yesterday to close at $6.37.