Dec 11 (Reuters) - ThinkEquity upgraded Intel Corp (INTC.O) to “accumulate” from “sell,” saying the chipmaker has started to mirror a lot of bearish sentiment and the slowing IT spending for 2009.
“While we expect downside revisions, we believe the magnitude of the revisions will be much smaller in the context of the bearish sentiment,” the brokerage, which also lowered its earnings estimates for the company, said.
ThinkEquity, which raised its price target on the stock to $17 from $12, cut its earnings-per-share view for the company by 8 cents to $1.05 for 2008, and by 20 cents to 54 cents for 2009. Shares of the company closed at $14.27 Wednesday on Nasdaq. (Reporting by Esha Dey in Bangalore; Editing by Deepak Kannan)