UPDATE: Atlantic Equities Upgrades Intel (INTC) to Neutral
- Bonds take a breather, Tencent tumbles
- Oil rises as markets expect further fall in inventories
- Tencent (TCEHY) Falls Sharply as State Media Describes Online Games as ‘Spiritual Opium’, Company Vows to Improve
- Antipodean currencies jump on central bank talk, US dollar subdued
- Sanofi (SNY) to Acquire mRNA Specialist Translate Bio (TBIO) for $3.2 Billion
Atlantic Equities analyst Ianjit Bhatti upgraded Intel (NASDAQ: INTC) from Underweight to Neutral with a price target of $55.00.
The analyst comments "Intel has announced that Patrick Gelsinger has been appointed as CEO. Although we expect continued CPU market share losses to AMD, we are positive on the announcement and believe that Mr Gelsinger has an opportunity to make the strategic decisions required to limit more extreme market share erosion. While our forecasts remain unchanged, we are upgrading to Neutral and raise our YE21 PT to $55, requiring ~16x FY22 non-GAAP EPS. We believe that this multiple is justified, with the change in management increasing our confidence that AMD's PC and server CPU market share can be limited to a maximum of 50%. Furthermore, we anticipate that the market will give the incoming CEO the benefit of the doubt while a new strategic plan is formulated and implemented, limiting downside risk to the stock over the next 12 months."
Shares of Intel closed at $56.95 yesterday.
You May Also Be Interested In
- UPDATE: Cowen Upgrades Square (SQ) to Outperform, 'Buy Now'
- UPDATE: Morgan Stanley Sees Victoria's Secret (VSCO) as One of the Most Attractive Names in Specialty Retail, Initiates at Overweight
- UPDATE: RBC Capital Assumes ZoomInfo Technologies (ZI) at Outperform
Create E-mail Alert Related CategoriesAnalyst Comments, Upgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!