Morgan Stanley Sees Intel's (INTC) Cloud Presence as Undervalued

Morgan Stanley reiterated an Overweight rating on Intel Corp. (NASDAQ: INTC) Tuesday, saying that the company's opportunity int he cloud computing space is being largely overlooked by investors.

The firm's analysts said, "We think that Intel’s Data Center / Cloud opportunity (~22% of revenues) remains under-appreciated by investors, as concerns about potential share loss in PC and Server, to ARM-based microprocessors, continues to depress INTC’s multiple."

Currently 60 percent of the analysts covering Intel have a Buy rating on the stock, while the average price target of $25.10 represents 17 percent of upside from the current trading price.

Shares of Intel are up 7 cents to $21.46 in premarket trade on Wednesday.

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