UPDATE: Jefferies Initiates Intel at Hold

Jefferies is out with its report today on Intel INTC, initiating INTC at Hold. In a note to clients, Jefferies writes, "We are initiating research coverage of Intel Corporation with a Hold rating and a $25 price target. We expect continued strength in Server and Sandy Bridge for PC to be balanced by the risk of deceleration in demand for Consumer PCs over the next 6 to 12 months. We expect INTC's stock price to appreciate in line with the group, and think a tier-1 Smartphone/Tablet win could serve as a positive catalyst." At the time of posting, shares of INTC were trading pre-market at $22.40, up 0.54% from Monday's close.