Shares of Advanced Micro Devices (AMD: 3.72, -0.30, -7.36%) slumped 6% on Tuesday morning after Chief Financial Officer Thomas Seifert became the latest high-level executive to exit the struggling chip maker.
Analysts at BMO (BMO: 58.42, +0.04, +0.07%) slashed their price target on AMD to $4 from $5, though they maintained a “market perform” rating on the stock. Wedbush cut AMD to $4.50 from $5, keeping a “neutral” rating.
Wall Street sent AMD’s shares dropping 5.99% to $3.77 in recent trading, bringing their 2012 tumble to about 30% and one-year slide to almost 50%.
AMD is going to launch their new Socket FM2 in October, will that turn the company around after Socket FM1 failed miserably ?