AMD's (NYSE:AMD) Decision to Oust CEO Untimely Says FBR

With the recent dismissal of AMD's (NYSE:AMD) CEO, it couldn't have come at a worst time, according to FBR, citing its focus on ramping up APU Fusion processors.

FBR says, "We rate shares of AMD a MP with a price target of $10 and will maintain this stance until the firm’s strategies are fleshed out and a new CEO is brought on board, or until we see an attractive entry point into the stock near $6. While we wanted to get constructive on AMD in 2011, the board’s recent CEO dismissal, bungled in our view, leaves AMD without a clear leader or strategy at arguably one of the most important times in the firm’s history as it begins to ramp integrated APU Fusion processors more aggressively...We cut our 2011 pro forma EPS estimate from $0.60 to $0.50, and our 2012 estimate from $0.65 to $0.60."

FBR Capital reiterates a "Market Perform" rating on AMD (AMD), which was trading at $7.63, down $0.39, or 4.86 percent, as of 12:54 PM EST. FBR has a price target of $10 on AMD.