Telsey Advisory analyst Joseph Feldman this morning double downgraded GameStop to Underperform from Outperform with a $33 price target. Nevertheless, the stock in premarket trading is up 46%, or $29.97, to $94.98. The analyst sees a “disconnect” between GameStop’s fundamentals and its valuation following the recent surge in the shares. Feldman says the 10-fold advance in the stock since his September upgrade “far exceeds our high fundamental expectations.” GameStop’s enterprise value to EBITDA valuation multiple is now at about 33 times, significantly ahead of many leading retailers and the company’s 10-year average, Feldman said in a research note before this morning’s continued rally. The stock’s surge is likely being driven by a short squeeze and speculation by retail investors on forecasts for the new gaming cycle and the involvement of activist RC Ventures, says Feldman.