Intel: Auriga Turns Bullish; Says Sells Linear, Analog Devices

Auriga USA chip analyst Daniel Berenbaum this morning upped his rating on Intel (INTC) to Buy from Hold, increasing his price target to $24, from $20.

“We recognize that INTC still faces significant headwinds,” including peaking revenue comps and gross margin, competition from ARM-based offerings in the mobility sector and a still-shaky macro environment, he writes. But he also says that discussions throughout the PC food chain suggests PCs could be the stronger growth contributor to semis in 2010. Despite that, he says that INTC trades at a steep discount to most chip companies–the stock’s relative valuation, he contends, “is too steep to ignore.”

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