Intel price target raised to $48 from $39 at Morgan Stanley

Morgan Stanley analyst Joseph Moore raised the firm’s price target on Intel (INTC) to $48 from $39 and keeps an Equal Weight rating on the shares. The firm notes its estimates were “well below consensus,” adding that “Intel guided well below us,” citing weakness in Mobileye (MBLY), as previewed, as well as IFS, Altera, and other issues. With that said, the firm noted that its numbers for Q2 and beyond “don’t change very much” and called the pipeline of server products Sierra Forest and Granite Rapids, which should be clearer over the first half, the “main issue.” If the company can deliver leadership product in servers, the stock is “likely to work even from here,” the analyst added.