Jefferies Has Hold On Intel

Jefferies & Co. is out with a research report on Intel INTC after it reported earnings. It has a Hold rating and a $25 price target on shares. In a note to clients, Jefferies & Co. writes, "A $0.03 EPS beat driven by taxes and higher non-microprocessor (MPU) revenues leads us to increase our estimates but maintain our thesis and Hold rating on the stock. We think upside from servers and its Sandy Bridge MPUs will be partially capped by deceleration in consumer PC demand partially driven by tablet cannibalization. We could become more constructive with visibility into material ramp of a tablet/smartphone MPU." Shares of INTC are down 45 cents in pre-market trading to $22.54.