Intel Corporation (INTC) Moves Early Friday After Canaccord Genuity Upgrade

Intel Corporation (NASDAQ:INTC) is one of the early movers this Friday after Canaccord Genuity upgraded the stock, a report from CNBC notes.

According to the news organization, the firm improved its rating on Intel Corporation (NASDAQ:INTC) stock from a “Hold” to a “Buy” in a research note today.

Shares of Intel Corporation (NASDAQ:INTC) closed at $30.80 yesterday.

The upgrade comes from Canaccord Genuity after it says the chipmaker’s fundamentals have improved, CNBC reports. Furthermore, the firm said the 15% year-to-date drop as well as the pullback on the company’s stock on Thursday after it cut its outlook contributes to their upgrade.

Canaccord Genuity just upgrade Intel Corporation (NASDAQ:INTC) to a rating of “Hold” on January 20. The firm gave a price target of $40 per share, up from $35, in its January upgrade.

Other firms also seem optimistic about the chip giant. FBR Capital Markets downgraded their price target on the chipmaker from $42 to $40 per share in a research note released today. It should be pointed out, however, that the price target from FBR Capital Markets is still in line with Canaccord Genuity’s price target. FBR has an “Outperform” rating on the stock.

B. Riley has also reiterated in a note released today its “Buy” rating on the company’s stock which they gave a price target of $41 to. On Thursday, Piper Jaffray released a note reiterating their firm’s “Positive” rating on the Intel stock.

Intel Corporation (NASDAQ:INTC) shareholders includes Israel Englander’s Millennium Management which owned about 1.68 million shares of the chipmaker by the end of the December quarter. Worth about $60.91 million then, the Millennium stake increased 287% quarter over quarter.

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