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Chase Hambrecht & Quist, in response to yesterday's Intel warning, not only downgraded its rating on Intel this morning, but also downgraded Advanced Micro Devices (AMD) - Get Free Report, another chip maker that supplies PC makers, to market perform from buy.

"We believe the current depressed PC demand market environment will definitely affect Intel's main competitor, AMD," wrote Sudeep Balain, Chase's PC analyst. Advanced Micro's price target was lowered to $30 from $35, as Balain expects the stock to remain under pressure. Balain also downgraded


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this morning to market perform from buy.