UPDATE: Oppenheimer Downgrades Advanced Micro Devices on Lack of Valuation Support

In a report published Monday, Oppenheimer analyst Rick Schafer downgraded the rating on Advanced Micro Devices (NYSE: AMD ) from Perform to Underperform. In the report, Oppenheimer noted, “We are downgrading shares of AMD from Perform to Underperform. Despite notable near-term strength in gaming console sales and signs of stabilization