Intel Corp (INTC)

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Intel, AMD, Micron: Buy on Bullish PC Signs, Says Wells
By Tiernan Ray

Wells Fargo’s chip analyst David Wong today reiterates an Outperform rating on shares of Intel (INTC) and several other PC-related chip names, citing data for the month of August from Taiwan-based assemblers of notebook computers that showed a “solid” recovery.

“We think a recovery in global chip sales may have begun,” writes Wong.

He’s “positive on the semiconductor sector overall,” he writes, and “We think that several chip stocks with exposure to the computer (PC and server) segments still have very reasonable valuations, and so, in our view, could well be significant outperformers in an environment of improving computer demand,” including Intel, AMD (AMD) and Micron (MU).

Wong cites the upbeat data point for August: