Intel Corp (INTC)

[VeeCee]

It works both ways. Here is upgrade:
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Imperial Capital initiates coverage on Intel (NASDAQ: INTC) with a Outperform rating and a price target of $37.00.
Analyst Ashok Kumar states, "Following the 2Q14 upside preannouncement on 6/12/14, we expect the company to report results consistent with the revised Street non GAAP EPS estimate of $0.52. The revised revenue outlook for 2Q14 was $13.7bn at the mid-point, up from prior outlook of $13.0bn. The mid-point of Intel s guidance implies 7% yoy and quarter-over-quarter (qoq) growth, or better than seasonal trends. With a richer product mix, gross margins were guided up 100bp to 64%. The better than seasonal revenue performance can be attributed to the ongoing PC replacement cycle in the commercial segment and not just an end-of-life Windows XP event. We see improving sales for both desktop and notebooks PCs from pent up corporate demand and Microsoft s license fee reduction for value priced PC fueling emerging market sell-through. Intel now expects some yoy revenue growth for 2014 versus prior expectations of flat top line. We believe that current Street 2014 revenue estimate of $54.6bn, up 4%, could prove conservative. The stock remains highly correlated with gross margins. Gross margins for the year are expected to come in the upper half of the prior outlook of 61%, +/- a few points."