Advanced Micro Devices Inc. shares AMD, -2.11% are down 0.7% in premarket trading Thursday after Wells Fargo analyst Aaron Rakers called for a "breather" on the stock and downgraded the stock. "We're positive on AMD's competitive positioning and share-gain story," Rakers wrote. "However, at current levels, and based on our new sum-of-the-parts (SOTP) analysis, we are downgrading to equal weight from overweight as we see shares approaching levels that present a more balanced risk/reward; discounting a 2022E $2.50+ EPS upside." Rakers raised his price target on the stock to $64 from $55, but the new target is less than 10% above AMD's Wednesday closing price of $58.90, which he said warrants the shift to an equal-weight rating. The downgrade comes amid a 28% run up for AMD shares so far this year, compared with a 4.8% rise for the S&P 500 SPX, -1.11% in that span and a 7% gain for the PHLX Semiconductor Index SOX, -1.51% .