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2 stock buys after Intel earnings: Pro

Intel stock appeared attractive for the next quarter or two, a semiconductor analyst said Tuesday after the company posted better-than-expected earnings results.

The tech giant posted third-quarter earnings of 66 cents per share, up 12 percent from last year, and revenue gains of 8 percent.

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On CNBC's "Fast Money," Christopher Rolland of FBR Capital Markets cautioned about extrapolating Intel's results through to the rest of its peers.


"Intel is not as correlated to all of those names out there," he said. "It won't be the most fantastic read-through."

Rolland has an "outperform" rating on Intel stock and a price target of $35 per share.

"I like Intel," he said. "Even if things do tick down here in the semiconductor space, Intel is one of the most defensive names out there."

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Along with Intel, Qualcomm appeared strong, Rolland said.

"We think people can hide in these names for a little bit as maybe perhaps some of the broad-based guys have a quarter or two of disappointing results," he said.

Private Advisor Group's Guy Adami said he had expected the stock to top $33 per share.

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Justin Sullivan / Staff | Getty Images News

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"I'm surprised it's not higher than it is," he added.

Intel shares closed at $32.14, up 2.13 percent, with the stock gaining about 2 percent in after-hours trading.

Microchip's lowered outlook last week was more limited than the market had thought, OptionMonster's Pete Najarian said, citing gains in shares of Skyworks, which closed at $48.91, up 7.92 percent.

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Still, he said he had hedged his long position in Intel by selling calls against it.

"Felt like maybe a little bit too much, too fast unless they absolutely crushed the number," he said. "Didn't crush it, but they certainly did beat it."