UPDATE: J.P. Morgan Upgrades Intel to Overweight (INTC)

J.P. Morgan is out with its report today on Intel INTC, upgrading INTC from Neutral to Overweight. In a note to clients, J.P. Morgan writes, "We are upgrading INTC from Neutral to Overweight due to upside to Consensus as inventory has normalized at both Intel and the channel. We are raising our December 2011 price target from $20.50 to $25.00 or roughly 10.5X our new C11 EPS estimate of $2.35, in line with the historical multiple of its peer group such as IBM IBM, HPQ HPQ and MSFT MSFT." At the time of posting, shares of INTC were trading pre-market at $21, up 5.74% from Tuesday's close.