- Bernstein's Stacy Rasgon, bearish on Intel (INTC) since Oct. 2012 (and often vocally so), has upgraded shares to Market Perform, and lifted his PT by $6 to $28.
- In spite of the upgrade, Rasgon insists his "structural short thesis" for Intel, which centers around ASP/margin pressure caused by a mix shift towards mobile processors (i.e. Atom), has "played out." But he argues the market doesn't seem to mind. "We never got the de-rating that we sought; quite the opposite in fact, as multiples have climbed rather than compressed."
- He adds near-term PC strength - Intel is only 2 weeks removed from a guidance hike - is "a definite headwind" for the bear thesis, and sees several potential bullish catalysts. They include a broader PC recovery (for now, it's enterprise-focused), gross margin improvement stemming from the 14nm transition, positive mobile newsflow, and a fresh data center upgrade cycle following the 2H launch of Intel's Grantley Xeon CPUs.
- INTC +0.4% AH to $30.89. The 52-week high is $31.00.
From other sites
at MarketWatch.com (Tue, 4:54PM)
Dow 30 Stock Roundup: Intel Merges Mobile and PC Results, Boeing's Q1 Deliveries Jump - Analyst Blogat Zacks.com (Apr 10, 2015)
at Zacks.com (Apr 10, 2015)
at MarketWatch.com (Apr 9, 2015)
at CNBC.com (Apr 9, 2015)
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