UPDATE: Citigroup Upgrades Intel, Focuses on Stabilized PC Demand
Citigroup upgraded Intel (NASDAQ: INTC) shares this morning from a Neutral to a Buy rating, while keeping its price target at $28 per share.
Glen Yeung, the analyst responsible for the report, focused on stabilizing corporate PC demand, and how it allows for more accurate estimates to be made. He went on to state that consumer demand for PCs in emerging markets is still weak, that he believes Intel's 2014 guidance accurately takes this into account.
On the corporate side, the stabilizing demand was seen primarily in North America and Europe, while Chinese corporate demand has also appeared to have stabilized. The upshot is that the Citi model for corporate PC demand exceeds that of consumer demand for the first time since 2008.
The report had shares on the rise this morning, trading up 2.43 percent to $24.85.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.