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Morgan Stanley Downgrades Intel, Cautious on Chips
Published:
Tuesday, 3 Nov 2009 | 8:31 AM ET
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By: CNBC.com
Shares of Intel slumped Tuesday after Morgan Stanley cut its rating and price target on the stock, citing rising inventories in semiconductors.
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Paul Sakuma / AP Exterior view of Intel headquarters in Santa Clara, California. |
] to “equal weight” from “overweight” and cut its price target to $22 a share from $25.The investment bank said inventories in dollar terms are “creeping up” and that notebook makers in Taiwan also saw a spike in inventories, Dow Jones reported.
Among other chipmakers, Morgan Stanley also cut its rating on Micron Technology [MU
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], Altera [ALTR
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] and Xilinx [XLNX
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] to “equal weight” and Nvidia [NVDA
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], On Semi [ONNN
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] and ArvinMeritor [ARM
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] to “underweight.”
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