- Northland analyst Gus Richard upgraded Intel Corp INTC to Outperform from Market Perform with a $62 price target. The price target implies a 16.7% upside.
- Richard thinks Intel is starting to execute on a "coherent strategy" for "the first time in many years."
- Related Content: Read Why Tigress Financial Remains Bullish On Intel
- While early in its turnaround, he thinks estimates are conservative.
- Richard also argues that Intel is likely "a good place for large-cap managers to wait out multiple compression" as high multiple stocks come under pressure.
- Intel is the world's largest chipmaker. It designs and manufactures microprocessors for the global personal computer and data center markets.
- Price Action: INTC shares traded higher by 0.79% at $53.56 in the premarket session on the last check Wednesday.
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