UPDATE: Stifel Nicolaus Reduces PT to $28 on Intel on Market Uncertainty

Stifel Nicolaus reiterated its Buy rating on Intel

but lowered its price target from $33 to $28. Stifel Nicolaus noted, "While the PC market will see a plethora of Win 8 based products introduced in coming weeks, macroeconomic uncertainties combined with lack of 'need to have' marketing have kept expectations uncertain, at best. [W]e believe Intel management is making the right moves to navigate through this weak demand period without slowing its strategy for introducing lower power, higher performance processors." Intel closed at $22.35 on Tuesday.