As previously reported, Bernstein analyst Stacy Rasgon upgraded Intel to Market Perform from Underperform after the company’s “very strong” Q1 report. In a note partially titled “Sometimes you have to take your medicine,” Rasgon said the company’s reversal on spending “made the short case challenging; the recent unexpected DCG inflection has made it painful.” Noting the conservatism of the company’s CFO, the analyst added that he thinks Intel’s second half visibility in the data center group might be better than they are communicating. While admitting he has been wrong, Rasgon increased his estimates for Intel and raised his price target on the stock to $54 from $38.
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