Intel estimates, price target boosted at Citigroup as analyst day approaches
yorkfoto/iStock Unreleased via Getty Images


Intel (NASDAQ:INTC) is getting some positive commentary from Wall Street this morning, with Citigroup analyst Christopher Danely boosting his estimates and price target, citing "the recent surge" in enterprise demand and strength in PC notebooks.
Danely raised his price target to $58 from $52 on the Santa Clara, California-based Intel, stating that the aforementioned strength in enterprise and PC notebooks is likely to boost fourth-quarter and first-quarter estimates.
"As a result, we are raising estimates on Neutral-rated Intel and adding a positive Catalyst Watch for the stock due to the near term upside and we expect the stock to trade well going in to its analyst day in mid-February," Danely wrote in a note to investors.
Intel (INTC) shares are down slightly in pre-market trading to $55.53 on Tuesday.
Last week, it was reported that Intel (INTC) would invest $20 billion in a new manufacturing plant based in Ohio to expand chip production in the U.S.