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Watch: Jim Cramer Reacts to Advanced Micro Devices' Downgrade by Morgan Stanley

TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer called Morgan Stanley's Monday downgrade of Advanced Micro Devices (AMD - Get Report) "very substantial."

The analysts downgraded AMD shares to underweight from equalweight and moved their price target down to $8 from $11. From Friday's close of $11.84, the price target would imply more than 32% downside.

Analyst Joseph Moore was behind the downgrade, saying he has been "somewhat cynical" on AMD thanks to its valuation, but had previously maintained his equal weight rating because his earnings estimates were above consensus estimates.

AMD shares are down 1.3% since the start of the year.

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