INTC Intel Corporation

By Michael Dabaie

Intel Corp. (INTC) shares were up 2% to $60.76 in morning trading.

The Dow Jones Industrial Average was down 0.3% Tuesday morning.

Jefferies upgraded the stock to Hold from Underperform and boosted its price target to $64 from $40, saying "the table is set for change at INTC."

Jefferies said it increased its price target assuming that the company divests the memory business and cuts operating expense.

"Fixing its manufacturing or moving to a Fabless model potentially addresses our share concerns, but we assess a low probability of either... for now," the Jefferies note said.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

January 21, 2020 11:05 ET (16:05 GMT)

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