Wells Fargo Bullish on Intel in 2013; "Buy" Rating (INTC)

Wells Fargo Bullish on Intel in 2013; “Buy” Rating (INTC)

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On Monday analysts at Wells Fargo gave positive commentary on Intel Corporation (INTC) saying the company has many strengths going in to 2013.

The analysts raised estimates on INTC with 2013 EPS expectation going from $2.02 to $2.10. Wells Fargo maintained is “Buy” rating on Intel and see shares valued at around $28-$33. That valuation range is about a +51% upside Friday’s closing price of $20.23.

Wells Fargo noted that Intel’s cloud computing technologies benefits the company going forward.

“In our view, Intel’s Atom platform provides opportunity to gain share in the smartphone and tablet markets. Intel typically leads other advanced logic manufacturers by 1-3 years in linewidth transitions,” Wells Fargo analyst David Wong said.

Wong also noted that Intel’s 4.42% dividend yield was attractive compared to the company’s chip manufacturer competitors.

Intel shares were up 12 cents, or +0.62%, during morning trading on Monday. The stock is down -16.14% year-to-date.

The Bottom Line
Shares of Intel Corp (INTC) have a 4.42% dividend yield, based on the latest intraday price of $20.37. The stock has technical support in the $19 price area. If the shares can firm up, we see overhead resistance around the $21-$22 price levels.

Intel Corporation (INTC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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