News Update: Intel Estimates Raised at Citigroup, Price Target Upped to $32 (INTC)

Citigroup raised its estimates for Intel (NASDAQ:INTC) and upped its target price to from $30 to $32 on the back of the company's better-than-expected earnings report. Citi raises its 2010 EPS estimate from $1.89 to $2.08 and increased its 2011 EPS estimate from $2.01 to $2.31.

Intel shares remain "Buy" rated and Citi is advising investors to opportunistically add to positions ahead of second half seasonal strength.

SmarTrend alerted subscribers to Buy Intel yesterday, prior to the earnings report. INTC shares are trading higher today by 4.6%.

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