Morgan Stanley Upgrades Intel to 'Strong Buy'

Analyst Mark Edelstone says the chip maker's near-term business conditions will meet, or beat, expectations

Morgan Stanley upgraded Intel Corp. (INTC ) to strong buy from outperform.

Analyst Mark Edelstone says the upgrade is based on his belief that near-term business conditions are in-line to slightly higher than consensus expectations, as well as his belief that Intel's earnings power will significantly increase in the second half of the year. Edelstone maintains his $0.70 2002 EPS estimate, and $1.05 EPS for 2003. He has a $45 12-month price target.

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