Intel (INTC) Stock Climbs, Bernstein Upgrades
NEW YORK (TheStreet) -- Shares of Intel (INTC) - Get Report are advancing 2.18% to $33.92 late Friday morning as Bernstein raised its rating on the stock to "market perform" from "underperform," the Fly reports.
The firm also raised its price target to $30 from $26 on shares of the Santa Clara, CA-based tech giant.
Bernstein said Intel's second quarter results and third quarter forecast are unlikely to miss consensus projections, due to the company's relatively positive view for the PC channel and baseband markets.
Wall Street is expecting the company to report earnings of 53 cents per share on revenue of $13.35 billion for the second quarter, and 64 cents per share on revenue of $14.59 billion for the third quarter.
Bernstein said the recent PC market recovery will lift Intel, but the resurgence will likely be temporary, the Fly noted.
Additionally, the tech company's top line will be bolstered in the second half of the year by its new deal, which has been widely reported but remains unconfirmed, to supply chips for Apple's (AAPL) iPhone, according to the firm.
But Bernstein noted that PC sales and therefore Intel could be impacted by a higher U.S. dollar during the second half of the year, the Fly added.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B+ on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, reasonable valuation levels and increase in net income.
The team believes its strengths outweigh the fact that the company shows weak operating cash flow.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: INTC