Intel Upgraded to Equal Weight at Morgan Stanley (INTC)
Intel (NASDAQ:INTC) was upgraded by analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research report issued to clients and investors on Friday. The firm currently has a $28.00 price objective on the stock, up from their previous price objective of $24.00. Morgan Stanley’s target price would suggest a potential upside of 0.14% from the stock’s previous close.
The analysts wrote, “We have seen signs of stronger PC demand over the course of 2q, but are still surprised at the magnitude of upside, with the 2nd best June qtr q/q revenue comparison in a decade and likely over 5% y/y PC unit growth. We still think the stock is expensive on free cash flow, but it’s hard to see large underperformance with no imminent negative catalyst.”
In other Intel news, President Renee Jo James sold 79,190 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $27.50, for a total value of $2,177,725.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
A number of other firms have also recently commented on INTC. Analysts at Roth Capital upgraded shares of Intel from a “neutral” rating to a “buy” rating in a research note on Friday. They now have a $35.00 price target on the stock, up previously from $28.00. Separately, analysts at Canaccord Genuity raised their price target on shares of Intel from $29.00 to $31.00 in a research note on Friday. They now have an “underweight” rating on the stock. Finally, analysts at Credit Suisse raised their price target on shares of Intel from $30.00 to $35.00 in a research note on Friday. Four investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $29.18.
Shares of Intel (NASDAQ:INTC) traded up 7.18% on Friday, hitting $29.9677. The stock had a trading volume of 77,602,880 shares. Intel has a 52 week low of $21.89 and a 52 week high of $28.42. The stock’s 50-day moving average is $26.76 and its 200-day moving average is $25.55. The company has a market cap of $149.2 billion and a P/E ratio of 14.96. Intel also saw a significant decline in short interest in the month of May. As of May 30th, there was short interest totalling 170,211,540 shares, a decline of 4.2% from the May 15th total of 177,732,864 shares. Currently, 3.4% of the shares of the company are short sold. Based on an average daily volume of 24,560,599 shares, the days-to-cover ratio is currently 6.9 days.
Intel (NASDAQ:INTC) last issued its quarterly earnings data on Tuesday, April 15th. The company reported $0.38 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.37 by $0.01. The company had revenue of $12.80 billion for the quarter, compared to the consensus estimate of $12.81 billion. During the same quarter in the prior year, the company posted $0.40 earnings per share. The company’s quarterly revenue was up 1.5% on a year-over-year basis. On average, analysts predict that Intel will post $1.89 earnings per share for the current fiscal year.
Intel Corporation, incorporated in 1968, designs and manufactures integrated digital technology platforms.
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