Intel upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley analyst Joseph Moore upgraded Intel to Equal Weight from Underweight with a price target of $28, down from $29.50. Speculation about a dividend reduction "has been painful for the stock, but it’s the right thing to do," the analyst tells investors in a research note. With the stock’s material underperformance year-to-date and in late 2022, and the negative dividend cut catalyst out of the way, the firm sees a balanced risk reward at current share levels. It now sees limited downside in shares of Intel.