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April 6, 2020, 7:50 a.m. EDT

Intel stock gains after Raymond James ends bearish call

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By Emily Bary

Raymond James analyst Chris Caso upgraded Intel Corp.'s stock /zigman2/quotes/203649727/composite INTC -2.93% to market perform from underperform Monday, writing that the company "is exposed to the end-markets likely to hold up best in the current environment," even though he still has long-term doubts about the chip maker. Cash argued that the notebook and datacenter markets are among the best places for a company to be right now, and while he expects the burst in notebook sales to trail off in the second half of the year, he predicts that datacenter spending could be strong throughout 2020. "Additionally, a potential move to a greater level of outsourcing has the potential to improve cash flow and capital intensity," he wrote. "That said, we believe the longer-term structural issues - particularly Intel's process technology disadvantage - are likely to persist at least well into 2022, keeping us from becoming more constructive on the stock." Intel shares have dropped 2.9% over the past month, as the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.21% has dropped 16%.

/zigman2/quotes/203649727/composite
US : U.S.: Nasdaq
$ 61.70
-1.86 -2.93%
Volume: 17.25M
May 28, 2020 4:00p
P/E Ratio
11.95
Dividend Yield
2.14%
Market Cap
$269.11 billion
Rev. per Employee
$659,665
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/zigman2/quotes/210599714/realtime
US : S&P US
3,029.73
-6.40 -0.21%
Volume: 3.14B
May 28, 2020 5:13p
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