Markets & Finance

Morgan Stanley Upgrades Intel to 'Strong Buy'

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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