UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Intel Corporation

In a report published Wednesday, Jefferies & Company reiterated its Hold rating on Intel Corporation

, but lowered its price target from $29.00 to $24.00. Jefferies noted, “INTC beat recently lowered expectations, but forecasted 1% QQ revenue growth in 4Q and for 4Q gross margins to drop to 57.5%. We're sympathetic to the bull case, which is that INTC will see better orders from an inventory restock and better demand as Windows 8 launches, but we model gross margins to stay below 59% through 1Q, and believe there is time.” Intel Corporation closed on Tuesday at $22.35.