Stephen Chin from UBS reiterated his sell rating and $9.00 price target on AMD. He mentioned that the growth narrative is still difficult to articulate, and the stock was priced to perfection. Obviously, we can acknowledge headwinds in near term investor sentiment.Here were the key highlights from the research report released to UBS clients today:Our price target is based on applying a 35x P/E multiple to our 2018 EPS estimate of $0.26. We continue to use a high P/E multiple to reflect its peer valuations which have also expanded into the 30x range. But we look for higher EPS growth to justify this high P/E multiple. We view AMD's new product initiatives positively and now look to see if the company can deliver higher sales growth in 2H17 with its Ryzen PC chip and its Vega graphics chip to offset rising opex investments.We believe AMD has shown a good ramp of sales of its Ryzen PC chip in 1Q17 but we will likely need to wait to see how 2H17 sales trend and what the competitive response will be from Intel in PCs. AMD also reported that its Vega graphics chip is having a successful launch. We look to see if it can gain more graphic chip market share in 2H17 from NVIDIA before we reconsider our investment rating.While we acknowledge the concerns cited by analysts, the one positive is the revision of estimates higher from consensus analysts.We think this figure will trend higher as we exit through the year as detailed in our report.