J.P. Morgan's Harlan Sur upgraded Intel to neutral from underweight and kept the $85 price target unchanged. The speakers stress this is not a bullish call, since he sees the risk/reward as relatively balanced after the stock's pullback. He points to strong server demand, data center leads and good progress in custom chip manufacturing, but wants to see how the measures the company has put in place play out before getting more bullish. The discussion also noted that the US government taking a stake in Intel was hard to predict.
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