Oppenheimer Reiterates Underperform on Advanced Micro Devices

Oppenheimer is out with its report today on Advanced Micro Devices AMD, reiterating Underperform. In its report, Oppenheimer writes, "AMD remains precariously positioned between two larger/stronger competitors in NVDA NVDA and INTC INTC and has lost ground near term related to these production issues. Given lack of balance sheet and valuation support (14x P/E vs. INTC's 9x), and poor execution, we reiterate our Underperform rating." At the time of posting, shares of AMD were trading pre-market at $5.64, down 8.29% from Wednesday's close.