UPDATE: RBC Capital Downgrades Intel

RBC Capital Markets analyst Doug Freedman put out a report this morning dropping his rating on

from an Outperform rating to Sector Perform, while dropping his price target from $27 to $26. In the report, Freedman focused on a weak analyst day that did not focus enough on ROI. He stated that the company's new strategy could not justify the ROI that they project, especially with gross margin upsides being challenged by tablet subsidies. He also stated that the company's ultra mobile execution seemed weaker than he had hoped. The report has led to a drop in the stock this morning as intel shares traded down 0.30 percent to $23.56.