UPDATE: Piper Jaffray Raises PT on Intel to $23

Piper Jaffray is out with its report today on Intel INTC, raising its PT from $22.50 to $23. In a note to clients, Piper Jaffray writes, "We believe Intel is essentially having to increase its investments to position itself in a post PC era. We are increasing our estimates modestly this year and next on slightly higher revenue, lower share count and tax rate offset by higher opex. We maintain our Neutral rating. Our price target rises to $23 based on our slightly raised CY12E EPS." At the time of posting, shares of INTC were trading pre-market at $22.52, down 2.04% from Wednesday's close.