A report from Jefferies reiterates its Hold rating and $25 price target on Intel (NASDAQ:

). In the report, Jefferies writes, “A positive 3Q upside surprise was driven by PC Client MPU revenue growth of 13% QoQ (22% YoY), which we think investors will struggle to reconcile with weak macro and PC industry data points. We forecast an inventory correction for INTC during 4Q11-2Q12, and for INTC revs to decline by 2% in 2012. Consistent with our bullish stance on semis, we also believe the stock is already baking in the cuts." INTC closed yesterday at $23.40.