Wells Fargo maintains an 'Outperform' on Intel (INTC); Earnings Up 9% Qtr/Qtr; Raising Estimates - Still Our Top Pick

Wells Fargo maintains an 'Outperform' on Intel (NASDAQ: INTC) price target range raised from $26-32 to $28-$34.

Wells analyst says, "We think Intel's September quarter results and December guidance were excellent, with Intel beating the midpoint of its September sales guidance, and December quarter sales guidance implying significant potential upside to consensus estimates. Gross margin rose 2.8 percentage points (pp) sequentially and is expected to rise further in the December quarter. We think Intel could emerge as one of the best performing chip companies in terms of sequential growth in the September and December quarters. Our 2011 EPS estimate rises to $2.48 from a prior $2.43, and our 2012 EPS estimate rises to $2.80 from a prior $2.74."

For more ratings news on Intel click here and for the rating history of Intel click here.

Shares of Intel closed at $23.40 yesterday.

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