J.P. Morgan Reiterates Overweight on Intel

J.P. Morgan is out with its report today on Intel INTC, reiterating Overweight. In a note to clients, J.P. Morgan writes, "We reiterate our Overweight rating on INTC as pricing remains strong and inventory levels are healthy. We expect consensus estimates for Intel to increase following 2Q11 earnings due to strong pricing and easy comps as consensus expects 5% QoQ revenue growth, below normal seasonality of 9% QoQ growth. We note our 3Q11 EPS estimate of $0.59 is $0.01 above consensus, and our 4Q11 EPS estimate of $0.66 is $0.02 above consensus." At the time of posting, shares of INTC were trading pre-market at $22.28, down 0.40% from Friday's close.