could see some interest Tuesday after Morgan Stanley raised its fourth-quarter earnings estimates for the chip giant and upped its price target.
The brokerage said it expects Intel to earn 14 cents a share in the fourth quarter, up from its old estimate of 12 cents and a penny better than the existing consensus. Morgan Stanley based the action on channel checks that indicate the PC-based supply chain is more robust than previously believed.
Morgan also raised its price target to $25 a share from $22, saying it expects the company to issue revenue guidance that is at the upper end of its previous range of $6.5 billion to $6.9 billion. The midquarter update is Dec. 5.
The positive comments follow a downgrade Monday by Bernstein.
Intel was the heaviest traded issue on the Instinet premarket session, adding 1.3% to $20.75. On Monday, the company confirmed it was raising flash memory prices in the face of strong demand for cell phones. The news caused a rally in shares of fellow flash-memory producer
, which saw its shares rise 10% to $4.45 in the premarket session after they shot up almost 40% in Monday's session.