Intel shares were upgraded on Thursday by a ThinkEquity analyst. The chip maker still has a rough road ahead and has lowered its fourth-quarter projections.
Shares of Intel Corp were upgraded Thursday from sell to accumulate by ThinkEquity analyst Vijay Rakesh. However, the chip maker still has rough road ahead.
The analyst expects additional revisions to take sales expectations down to a 20 percent quarter-over-quarter level. The period includes the three months ending in December and the first quarter of 2009.
"While we expect downside revisions, we believe the magnitude of the revisions will be much smaller in the context of the bearish sentiment," Rakesh said in a statement.
Even though the Intel shares were upgraded, Rakesh said the company is "starting to mirror a lot of the bearish sentiment and slowing information technology spending for 2009."
Intel revealed on Wednesday it has finished the development step on a new 32 nanometer chip. The new chip promises to be more energy-efficient with higher performance than its current generation of microprocessors. The company plans to release the new 32nm in 2009.
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