Intel price target raised to $36 from $23 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Intel (INTC) to $36 from $23 and keeps an Equal Weight rating on the shares. The firm raised its price target to reflect foundry optimism and raised its revenue and non-gaap EPS estimates for the September quarter “slightly.” With the stock up 100% since August 1 on a slew of headlines inspiring new levels of optimism around foundry, the firm says it is “skeptical on the reasons the stock has rerated,” but it sees numbers coming in above a low consensus bar when Intel reports after the market close on Thursday, October 23, the analyst tells investors in a preview.