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Intel Corporation Upgraded For Better Valuation, Improving PC Outlook

Northland Capital Markets upgraded Intel Corporation (NASDAQ:INTC) on Monday, citing an improving PC outlook and better valuation after the recent selloff. Analyst Gus Richard upgraded the chip maker to Outperform from Market Perform and kept his price target at $32, which was 13% above Friday’s closing price.

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Is the worst over for Intel's PCs?

Richard believes that the worst for Intel's PC business is over and that the excess inventory after the Windows XP corporate refresh is cleared. He sees the completion of the Altera acquisition as a positive catalyst and expect virtual reality to boost the company's PC business in 2017. Richard believes the new 3DXpoint memory to be a game changer.

"While it is too early to...