UPDATE: Atlantic Equities Upgrades Intel (INTC) to Neutral

January 14, 2021 4:58 AM EST
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Price: $53.68 --0%

Rating Summary:
    28 Buy, 20 Hold, 13 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 6 | New: 27
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(Updated - January 14, 2021 6:03 AM EST)

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."

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 $56.95 yesterday.


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