Wedbush Upgrades Intel (INTC) to Outperform

Wedbush upgraded Intel (NASDAQ: INTC) from Neutral to Outperform with a price target of $37.00 (from $34.00) following Q1 results as a reset of expectations sets an achievable bar.

Betsy Van Hees commented, "While bears will likely balk, we believe INTC's revised 2015 outlook will be easily achieved driven by 1) PC inventory replenishment in supply chain for Windows 10, 2) $800MM benefit from roll off of contra dollars, 3) continued tight control of spending, and 4) strong Y/Y growth outside core PC business in Data Center, IoT and NAND."

The firm raised 2016 eps FROM $2.41 TO $2.62.

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 $31.49 yesterday.

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