Berger also said that AMD has opportunities to improve its market position, with its Trinity advanced processor units in PCs and SeaMicro servers for data centers, and that the company has a “deep source of capital” should further funding be necessary, in the form of Mubadala Development Co., which owns about a 20% stake in AMD.

SAN FRANCISCO (MarketWatch) — The way things are going for Advanced Micro Devices Inc., one has to wonder if the chip maker’s initials, AMD, should stand for something other than an abbreviation of the company name. Maybe Always Making Declines?

If its shares go that far south, AMD might end up standing for “A Major Disappointment” and little else.

AMCU - AMCV - AMCVP - AMCX - AMCZ - AMDA - AMDAI - AMDAR - AMDAS - AMDBL

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On Monday, Gauna cut AMD’s price target to $2 a share from $4, and reiterated his market underperform, or sell rating, on the company. Ye he went even further, writing in a note that even $2 a share isn’t that much of safety net for the stock, and that AMD’s “tangible book value and net-cash positions are well below $1 a share.”

On Sept. 17, AMD Chief Financial Officer Thomas Seifert resigned, sending the company’s shares down almost 10% the next day.

Analysts surveyed by FactSet currently expect AMD to earn 2 cents a share on revenue of $1.38 billion for the quarter ending in September. Berger also cut his price target to $6 a share from $7.50, and lowered his earnings and sales forecasts for AMD’s current quarter and fiscal year.

Note: We have 250 other definitions for AMD in our Acronym Attic

According to several analysts, AMD’s days might be about to get even darker.

At RIM's developer conference, executives assure the audience that BlackBerry 10 will deliver. Dan Gallagher reports. (Photo: AllThingsD)

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Alex Gauna of JMP Securities said Intel’s recent dramatic cut to its third-quarter revenue outlook shows that sluggish PC industry trends “are particularly threatening to AMD,” due to its “precarious financial ability to invest in the future of its business” across major chip platforms. See: Intel warning highlights Windows 8 worries.

“Many investors think AMD exists somewhere between irrelevant and almost extinct, given the Windows and ARM ramp[-up] and with smartphone and table cannibalization,” Craig Berger, of FBR Capital Markets, wrote in a research note Tuesday.

”We are skeptical of Windows 8 providing any refresh cycle relief” to AMD, Gauna commented. As for the enterprise side of things, “we are not picking up any signs of life at AMD’s server business,” he added.