UPDATE: Citigroup Reiterates Neutral Rating, Raises PT on Intel Corporation Following Company Analyst Day

In a report published Friday, Citigroup analyst Glen Yeung reiterated a Neutral rating on Intel Corporation INTC, and raised the price target from $24.00 to $28.00. In the report, Citigroup noted, “On mid- to high-single digit declines in PCCG offset by mid-teens increases in DCG, Intel expects 2014 sales to be ~flat with 2013 levels; this implies ~$52.6B, slightly below consensus of $53.7B, assuming Intel reaches the mid-point of its 4Q13 guidance. Gross margin is also expected to be flat as reduced start-up charges are offset by lower Other IA GM's (due to aggressive tablet pricing); consensus models a 70bps increase. Not surprising then, operating income is also expected to be flattish y/y.” Intel Corporation closed on Thursday at $24.65.