Intel jumps thanks to Citi, Drexel Hamilton upgrades

|About: Intel Corporation (INTC)|By:, SA News Editor

Citi and Drexel Hamilton have both upgraded Intel (INTC +3%) to Buy. Citi's PT has been upped to $28, and DH's to $30.

Citi's Glen Yeung says he's encouraged by stabilizing corporate PC demand (noted by IDC/Gartner in their Q3 data, and also mentioned by Intel during its investor day), and notes Oct. retail point-of-sale data showed growth for the first time in nine months.

Yeung also calls Intel's forecast for a 5% 2014 drop in PC units "sufficiently conservative." IDC currently expects PC shipments to drop 3.8% in 2014 (those estimates have a habit of changing frequently).

Intel shares were clocked recently due to investor disappointment with the chip giant's investor day guidance. They currently trade at 12x 2014E EPS after backing out net cash/investments.