Intel Corp INTC is trading higher Wednesday following positive analyst coverage from Northland Capital.
Northland Capital Markets analyst Gus Richard upgraded Intel from a Market Perform rating to an Outperform rating and announced a $62 price target.
Richard believes Intel is starting to execute on a "coherent strategy" for the first time in years.
The Northland Capital analyst thinks 2022 estimates for Intel are too conservative and notes that the stock is a good place to put money while waiting for multiples to compress.
Intel is likely "a good place for large-cap managers to wait out multiple compression," Richard said.
Related Link: Read Why Northland Upgraded Intel To Outperform
Intel designs and manufactures microprocessors for the global personal computer and data center markets.
INTC Price Action: Intel has traded as low as $47.87 and as high as $68.49 over a 52-week period.
The stock was up 4.71% at $55.65 at time of publication.
Photo: courtesy of Intel.
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