UPDATE: Bernstein Research Downgrades Advanced Micro Devices to Underperform, Lowers PT on Structural Short Case

In a report published Tuesday, Bernstein Research analyst Stacy A. Rasgon downgraded the rating on Advanced Micro Devices AMD from Market Perform to Underperform, and lowered the price target from $3.00 to $2.50. In the report, Bernstein Research noted, “We promised ourselves once upon a time never to take an active stance on AMD again, pursuing instead a thesis of ‘prudent avoidance.' That being said, we have been tempted to go short for some time, with only our fear holding us in check. However, recent results have made the structural short case simply too tempting for us to ignore. Therefore, we are diving back into the pool, and downgrading the stock to Underperform, lowering our target price to $2.50.” Advanced Micro Devices closed on Monday at $3.37.