UPDATE: J.P. Morgan Reiterates Neutral Rating, Lowers PT on Intel Corporation

In a report published Monday, J.P. Morgan & Co. reiterated its Neutral rating on Intel Corporation

, but lowered its price target from $25.00 to $22.00. J.P. Morgan noted, “We remain Neutral on INTC as the reasons we downgraded in January remain – downside to margins/estimates. In addition, Intel's spending on both operating expenditures and capital expenditures will outpace revenue growth this year. As a result, we believe Intel has negative leverage and we are maintaining our Neutral rating.” Intel Corporation closed on Friday at $24.19.