Intel Propels Chip Stocks
A slew of chip stocks stretched to new 52-week highs Friday, after an analyst boosted his rating on Intel (INTC) and predicted that the PC microprocessor market is set to undergo a significant transformation.
Goldman Sachs analyst James Covello upgraded Intel from neutral to buy on Friday, slapping a $28 price target on the stock.
According to Covello, microprocessor rival Advanced Micro Devices (AMD) is planning to outsource most, if not all, of its chip manufacturing next year.
The move, wrote Covello, would benefit Intel more than AMD, because the transition to using contract manufacturers could cause AMD to lose its technological edge.What's more, AMD's switch to a fabless model would fundamentally change the dynamics of the microprocessor market, Covello said. "We believe that being the only dedicated capital spender in the
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