UPDATE: Wedbush Raises PT to $26 on Intel, Reiterates Neutral

Wedbush maintains its Neutral rating on Intel (NASDAQ: INTC) and raises its price target by $1 to $26 as the company says it will ramp up investment in 2012.

Wedbush says, "Intel indicated that 2012 will be a year of heavy investment, guiding 2012 R&D to increase 20+% Y/Y and CapEx to increase 15+% Y/Y. Although we remain impressed with Intel's (1) process technology lead, (2) Ultrabook initiatives, and (3) product roadmap, we maintain our NEUTRAL rating. We continue to think shares are fairly valued here likely trading in a tight range until there is better visibility on Ultrabook adoption rates and Intel's ability to gain traction in the mobile market."

INTC closed at $25.63 per share on Thursday.