Piper Jaffray Upgrades Intel Corp (INTC) to Buy
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Piper Jaffray upgrades Intel Corporation (Nasdaq: INTC) from Neutral to Buy with a $22 price target, calling the stock a sound investment in an uncertain world citing its strong competitive position, enviable balance sheet, strong cash flow generation, and low valuation.
Commenting on the Intel upgraded, the firm said, "While we don't think INTC is immune from the economic environment, we believe our Q3 and Q4 estimates are likely conservative. Our checks from last week showed some cancellations in the PC supply chain. However, INTC continues to run its fabs at nearly full capacity which is beneficial to margins, though the company has taken its foot off the gas very recently. We think INTC likely prints near the mid-point of the range, with bias to the upside on EPS due to gross margin improvement."
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