Intel upgraded at Northland on better execution, firm sees 17% upside
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Intel (NASDAQ:INTC) shares are rising after the semiconductor giant was upgraded at Northland Capital Markets, with the investment firm citing the fact that Intel is "starting to execute on a coherent strategy."
Northland analyst Gus Richard upgraded Intel (INTC) to outperform and put a $62 price target on the stock, implying 17% upside from current levels, as he expects the Pat Gelsinger-led semiconductor company to leverage its Simple Intel Platform capability and "optimize its fab resources producing die that is best built on older technology."

Richard added that Intel (INTC) is still early in its turnaround, but that could provide the company and investors an opportunity, as estimates are still "conservative."
Coupled with the fact that stocks with high earnings multiples are likely to be under pressure in the current environment, Intel (INTC) offers a 2.7% dividend yield and looks like a "good place for large-cap managers to wait out multiple compression."
Intel shares are up nearly 1% in early Wednesday trading to $53.55. Shares have gained 5% over the past year, underperforming the S&P 500.
On Tuesday, Tigress Financial reiterated its buy rating on Intel (INTC), with the firm citing continued investment in processor development and the upcoming spin-off of its Mobileye division which could be a "significant upside catalyst."