UPDATE: Deutsche Bank Reiterates on Intel on Positive Outlook

In a report published Wednesday, Deutsche Bank analyst Ross Seymore reiterated a Buy rating on

, and raised the price target from $28.00 to $30.00. In the report, Deutsche Bank noted, “INTC posted solid results/guidance, with GM providing upside to EPS. Looking fwd, we believe INTC's 2H14 guidance is prudently conservative as it assumes little-to-no 2H revenue seasonality in the co's PC business and a decline in GMs (rising 14nm costs). Overall, we believe INTC is making solid progress on a number of key growth initiatives (DCG reacceleration, PC biz stabilizing, tablet/LTE traction, etc.) while simultaneously taking steps to reduce costs (headcount dropping in 2014). We expect this combination to unlock EPS/FCF power at INTC and yield incremental valuation expansion as well. Maintain Buy.” Intel closed on Tuesday at $26.77.