(Updates with the analyst's commentary.)
BofA Securities upgraded Intel (INTC) to neutral from underperform on "well-regarded CEO hire" and increased its price target to $25 from $19.
Lip-Bu Tan, the new chief executive effective March 18, has a "solid track record," company knowledge from serving on Intel's board and relationships and investments across the US/Asian semi-industry landscape, analyst Vivek Arya wrote in a Wednesday note.
The company has "a greater opportunity to restructure/turn things around" under Tan, the analyst said.
Upside potential faces risks from "a lack of AI [artificial intelligence] roadmap" and increasing competition in a "tough macro environment," BofA added.
Intel has an average rating of hold and mean price target of $25.24, according to analysts polled by FactSet.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
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