UPDATE: JPMorgan Upgrades Intel (INTC) to Overweight; Analyst Makes 'Leap of Faith' on PCs and New CEO

January 14, 2014 7:25 AM EST
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Price: $37.64 +2.37%

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    42 Buy, 20 Hold, 5 Sell

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(Updated - January 14, 2014 11:26 AM EST)

JPMorgan upgraded Intel (NASDAQ: INTC) from Neutral to Overweight with a price target of $29.00 (from $20.00). Analyst Christopher Danely thinks the PC market will remain stable in 2014 and he is confident in management.

"We are raising our rating on Intel from Neutral to Overweight due to two factors: we believe the PC market will remain relatively stable in 2014, and we believe Intel's new CEO will continue to provide realistic guidance and focus on areas where Intel has an advantage – thereby improving margins and returns. We are raising our revenue and EPS estimates on Intel to reflect stabilization in the PC market and better spending habits at Intel, and believe the stock should experience multiple expansion as a result," said Danely.

"Making a leap of faith on PCs... For the first time in two years, there have been several positive datapoints in the PC food chain. While the datapoints are not universally positive, in our experience a slew of positive datapoints after years of decline generally leads to at least a few quarters of stability," added the analyst.

For an analyst ratings summary and ratings history on Intel click here. For more ratings news on Intel click here.

Shares of Intel closed at $25.53 yesterday.

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