UPDATE: Goldman Sachs Upgrades Intel (INTC) to Neutral

(Updated - March 24, 2020 4:55 AM EDT)

(updating comment)

Goldman Sachs analyst Toshiya Hari upgraded Intel (NASDAQ: INTC) from Sell to Neutral with a price target of $54.00 (from $55.00).

The analyst comments "Despite the headwinds related to COVID-19, we are maintaining our estimates as we believe there are multiple near-term positive developments (i.e. potential strength/resilience in the high-end client CPU and server CPU markets given a growing number of people working/studying from home) that could largely offset the headwinds (i.e. weaker consumption and enterprise spending). That said, the structural challenges (i.e. increased competition, growing capital intensity, pressure on margins/returns) that have been the pillars supporting our Sell thesis are intact and would therefore avoid being overweight the stock."

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 $49.58 yesterday.

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