Banc of America Securities has reduced AMD from a 'neutral' investment rating to 'sell' ahead of Intel's mid-quarter market statement to be announced tonight.

BoAS said it based its decision on the belief that AMD will report second quarter financial results that fall below the chip maker's expectations.

Intel has already said it expects its Q2 revenues to fall between $6.4 billion and $7 billion. It posted revenues of $6.75 billion for its first quarter.

According to a Reuters report, a number of analysts expect Intel to narrow its revenue target range, but lower the mid-point - effectively focusing its forecast on a lower figure than Q1's revenue. ®