Color on Oppenheimer's Upgrade of Intel (INTC): Recent Pullback Presents Buying Opportunity
Color on earlier upgrade of Intel (Nasdaq: INTC):
Oppenheimer upgrades Intel from Market Perform to Outperform, also setting a "Street high" price target of $28.
The firm believes Intel is positioned to "capitalize on a return to growth in the PC market in 2010". Oppenheimer estimates that the PC market will grow by more 10% in 2010, given upgrades, lean inventories and a rebound in technology business spending. Turning to other segments of the market, specifically the Server space, Oppenheimer feels that Intel could "outpace rivals... leading to market-share gains."
Oppenheimer believes that the recent pullback in Intel's stock price (down 3% over the last two trading sessions and down nearly 6% from the beginning of September) should be used as a buying opportunity.
Shares of Intel are outperforming today, currently up 1.2% to $19.12.
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