-->Intel upgraded due to 'attractive' relative valuation (INTC) By Tomi Kilgore
NEW YORK (CBS.MW) -- Analyst Ben Lynch at Deutsche Bank upgraded Intel (INTC) to"buy" from"hold," citing attractive valuation in an expensive sector. He also raised his 12-month price target on the chip sector bellwether to $35 from $26. While his new price target puts the stock's valuation near the"pre-bubble" peak, his justification for the upgrade"is the market's continued appetite for expensive semiconductor stocks, greater confidence in the marcroeconomic backdrop, an attractive relative valuation and earnings expectations markedly above current consensus forecasts." The Dow industrials component closed Thursday up a dime at $29.77.