AMD downgraded to Market Perform from Outperform at Bernstein

Bernstein analyst Stacy Rasgon downgraded AMD (AMD) to Market Perform from Outperform with a price target of $80, down from $95. The PC environment "has grown considerably worse" since Bernstein’s upgrade AMD shares in February of last year, the analyst tells investors in a research note. The firm adds that its belief AMD would prove relatively more immune to channel degradation proved incorrect. The analyst is "growing more wary of potential PC dynamics" and says Intel’s (INTC) behavior has been "semi-destructive" of late as it has used both price and capacity as a "strategic weapon." Bernstein sees incremental risk to AMD estimates and thinks multiple expansion is unlikely until investors "can get a sense of the bottom."