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June 16, 2020, 10:09 a.m. EDT

Nvidia, Intel stocks get downgraded at Morgan Stanley

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By Emily Bary

Morgan Stanley analyst Joseph Moore downgraded shares of Nvidia Corp. /zigman2/quotes/200467500/composite NVDA +5.44% and Intel Corp. /zigman2/quotes/203649727/composite INTC +2.08% to equal weight from overweight Tuesday, writing that he's shifting his chip-sector preferences toward names that stand to benefit from a broader economic recovery. He previously showed a preference for stocks that could benefit from remote-working trends. Nvidia shares are off 0.6% in Tuesday morning trading while Intel shares are up 1.7%. Moore wrote that in a recent Nvidia note, he drew comparisons between Nvidia and high-growth software names to justify his price target. "As much as we like the longer-term growth story, that's simply not a comparison that we're totally comfortable with," he said. On Intel, Moore wrote that consensus estimates seem low for the second-half of this year but "the growth deceleration implied by consensus numbers does imply significant risk to CY21." He upgraded shares of Lam Research Corp. /zigman2/quotes/208077897/composite LRCX +3.39% , Qualcomm Inc. /zigman2/quotes/206679220/composite QCOM +6.40% , and Qorvo Inc. [s QRVO] to overweight from equal weight. Nvidia shares have added 84% over the past three months as Intel's stock has rallied 38%. The S&P 500 /zigman2/quotes/210599714/realtime SPX +1.40% is up 32% in that time as the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.05% , of which Intel is a component, is up 31%.

/zigman2/quotes/200467500/composite
US : U.S.: Nasdaq
$ 457.61
+23.61 +5.44%
Volume: 11.62M
Aug. 12, 2020 4:00p
P/E Ratio
85.46
Dividend Yield
0.14%
Market Cap
$266.91 billion
Rev. per Employee
$882,428
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/zigman2/quotes/203649727/composite
US : U.S.: Nasdaq
$ 49.19
+1.00 +2.08%
Volume: 30.69M
Aug. 12, 2020 4:00p
P/E Ratio
9.05
Dividend Yield
2.68%
Market Cap
$204.95 billion
Rev. per Employee
$659,665
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/zigman2/quotes/208077897/composite
US : U.S.: Nasdaq
$ 381.52
+12.51 +3.39%
Volume: 1.22M
Aug. 12, 2020 4:00p
P/E Ratio
25.22
Dividend Yield
1.21%
Market Cap
$53.63 billion
Rev. per Employee
$996,856
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/zigman2/quotes/206679220/composite
US : U.S.: Nasdaq
$ 115.79
+6.96 +6.40%
Volume: 18.67M
Aug. 12, 2020 4:00p
P/E Ratio
48.97
Dividend Yield
2.25%
Market Cap
$122.79 billion
Rev. per Employee
$607,486
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/zigman2/quotes/210599714/realtime
US : S&P US
3,380.35
+46.66 +1.40%
Volume: 2.25B
Aug. 12, 2020 5:10p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,976.84
+289.93 +1.05%
Volume: 342.07M
Aug. 12, 2020 5:10p
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