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Intel: HSBC upgrades stock

( - On Friday, HSBC upgraded Intel shares to "hold", from "reduce", increasing its target price for them from $27 to $33.

In a reaction note, the broker points out that the semiconductor manufacturer's Q3 results largely outpaced expectations, a phenomenon that it attributes mainly to the current strength of the PC processor segment.

The group's better-than-expected outlook for Q4 is also related to the improvement in the PC market, as well as the recent market share gains that Intel has been enjoying since the spring.

However, the broker points out that visibility for data center systems remains much more limited, as cloud service providers currently prefer to invest in artificial intelligence projects.

"Better datacentre outlook could be a key catalyst to make us more bullish on the stock", HSBC warns, however.

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