Shares of Intel (NASDAQ:INTC) are slightly higher today, which can be attributed to an analyst upgrade. Joseph Moore of Morgan Stanley (NYSE:MS) changed his rating from Sell to Hold while assigning a price target of $28 per share. For reference, his previous price target was $29.50.
Moore believes that the stock now has a more balanced risk-reward ratio after cutting its dividend by approximately 66%. He believes this was the right move for the company to make in order to turn around its core business. Indeed, Moore argued that the company shouldn’t be paying a dividend at all since its new strategy is capital intensive. Nevertheless, he views the stock as a value play that should help limit its downside potential.
Overall, Wall Street analysts have a Hold rating with a consensus price target of $27.26 on INTC stock. This is based on three Buys, 18 Holds, and seven Sells assigned in the past three months, as indicated by the graphic above.
