Intel Corp. was upgraded to outperform from market perform at Northland Capital Markets, which cited an improving outlook for the PC market and improved valuation after the recent selloff in the stock. Analyst Gus Richard kept his stock price target at $32, which is 13% above Friday’s closing price of $28.42. He believes he worst of the downturn in Intel’s PC business is over, now that the excess inventory post-Windows XP corporate refresh is cleared. Richard said the completion of the Altera acquisition is a positive catalyst, virtual reality is expected to boost its PC business in 2017 and the new 3DXpoint memory could be a game changer. “While it is too early to tell, Intel’s recently-announced 3DXpoint memory could provide a significant outperformance advantage over competitors,” Richard wrote in a note to clients. The stock eased 0.1% in premarket trade. It has tumbled 18% over the past three months, while the Dow Jones Industrial Average has shed 7.6%.
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