Bank Of America Looking For More Upside On Intel
Bank of America came out with a note on Monday with some technical analysis on Intel Corporation (NASDAQ: INTC), looking for decidedly more upside from current levels.
Analyst Stephen Suttmeier said, "INTC has consolidated on an absolute price basis as well as relative to the S&P 500 since July. Yesterday's 90-day price and volume breakout above resistance at $35.00-35.56 completes this bullish consolidation and favors a continued rally. The pattern counts to $41 but the potential for a big base suggests more significant upside to $46 and then toward $60 and beyond longer-term."
Suttmeier also thinks holding above $33-32 keeps the immediate pattern constructive, with big support at $30-28, noting that the Russell 2000 (R2K) and S&P 400 MidCap (MID) formed bullish engulfing patterns, providing further support for stocks generally.
Shares of Intel closed Friday at $35.59 and were up 1 percent in pre-market trading.
Latest Ratings for INTC
Nov 2014 | Imperial Capital | Maintains | Outperform | |
Nov 2014 | Stifel Nicolaus | Maintains | Buy | |
Nov 2014 | Bernstein | Downgrades | Market Perform | Underperform |
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