Intel Upgraded to Buy with $30 Target: Jefferies

Intel Corp. INTC +1.99% was upgraded to “buy” from “hold” Friday by Jefferies, with analysts lifting the technology company’s share price target $3 higher to $30. Vast spending of $60 billion on research and development and capital expenditures between 2011 and 2013 will help the company develop strong new products, wrote lead analyst Mark Lipacis.

“Our $30 price target assumes a 14x multiple on our 2014 GAAP EPS forecast of $2.15, which is consistent with the SPX and below the 14% historical premium,’ he said in the report. Shares of Intel were up 1.8% in premarket trade at $22.63.

Source: MarketWatch