J.P. Morgan Reiterates Overweight Rating on Intel

According to a recent report from J.P. Morgan, Intel INTC reaffirmed its 2Q11 guidance yesterday in an email to Barron's and reiterated its previous revenue guidance range and gross margins after IDC lowered its 2011 YoY PC unit growth forecast. J.P. Morgan remains Overweight on Intel and reiterates a $25.00 price target on the company. in the report, J.P. Morgan said, "We remain Overweight on INTC due to upside to consensus estimates as its inventory normalized during 1Q11 and the stock had underperformed the SOX index and the S&P500 prior to 1Q11 earnings." Intel closed yesterday at $21.83.