Needham & Company Upgrades Intel (INTC) to Buy, $37 PT

Needham & Company upgraded Intel (NASDAQ: INTC) from Hold to Buy with a price target of $37.00.

Analyst N. Quinn Bolton commented, "Intel reported 2Q15 results and 3Q15 guidance above consensus and much better than feared. While PC demand remains weak and is expected to remain so for the remainder of 2015, DCG, IoT and NAND all posted strong Y/Y growth. Management noted these growth businesses now represent over 70% of the company's operating profit. INTC also formally announced a third 14nm architecture, Kaby Lake, and a delay in the ramp of its 10nm Cannonlake platform, which we expect will improve GM's over the coming years through improved yields at 14nm and reduced capital intensity. We believe these factors will drive improving sentiment around INTC shares, which we feel has become unfairly bearish. Upgrade to Buy; $37 PT."

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 $29.69 yesterday.

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