- 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.