UBS’ Uche is back. This time he softly speaks sweet nothings about AMD as he lowers 2011 estimates, just in time for the company to help him call a top in the stock.

AMD announced a change to pricing with Global Foundries, and it was widely anticipated that a shift away from cost-plus would be good for AMD margins. Indeed, Oochie informs us new pricing will be based on delivery of good die, a typical foundry arrangement. Whisper, whisper…less sales in 2011 than we expected but margins will make up for it…whisper, whisper…

Oh, Oochie! I’ve got goose bumps!

But, pray tell, why will 2012 pricing be cost-plus? Why aren’t you lowering 2012 GM% if you were expecting normal foundry pricing in 2012?

Good thing you have a Neutral rating on this thing even though your 2012 estimates remain materially higher than Consensus. It allows you to talk down the stock when it starts trending lower despite your absurd estimates. But with the TXN-NSM news, you can keep whispering sweet nothings.

Stop it. You’re spitting in my ear now.

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