UPDATE: Morgan Stanley Upgrades Intel Corporation to Equal-Weight, Raises PT on Stronger Enterprise PCs

In a report published Friday, Morgan Stanley analyst Joseph Moore upgraded the rating on

from Underweight to Equal-Weight, and raised the price target from $24.00 to $28.00. In the report, Morgan Stanley noted, “We have seen signs of stronger PC demand over the course of 2q, but are still surprised at the magnitude of upside, with the 2nd best June qtr q/q revenue comparison in a decade and likely over 5% y/y PC unit growth. We still think the stock is expensive on free cash flow, but it's hard to see large underperformance with no imminent negative catalyst.” Intel Corporation closed on Thursday at $27.96.