Barclays analyst Blayne Curtis downgraded AMD (AMD) to Underweight with an unchanged price target of $9.

The chipmaker closed yesterday down 12c to $13.80. The analyst is "unconvinced" that AMD products will gain enough traction to support the current valuation. He also has difficulty "getting anywhere near" the company's long-term earnings per share target of 75c.

Curtis likes shares of Cavium (CAVM) and Cypress Semiconductor (CY) in the U.S. Semiconductors space heading into Q2 earnings.