UPDATE: Jefferies Upgrades Intel Corporation on Best Alpha Generation Opportunity

In a report published Friday, Jefferies analyst Mark Lipacis upgraded the rating on

from Hold to Buy, and raised the price target from $27.00 to $30.00. In the report, Jefferies noted, “We believe INTC offers one of the best alpha generation opportunities in semis: 1) it is finally focusing its manufacturing leadership to make MPUs that are lower power, higher performance and cheaper than competitive solutions. This new focus should translate to share gains in sub-$500 tablets, 2-in-1 PCs and handsets. 2) Consensus incorrectly assumes INTC's x86 MPUs have an inherent disadvantage vs. ARM, and its 3yr, $60b investment nets to zero advantage.” Intel Corporation closed on Thursday at $22.63.