Shares of Intel Corp. INTC, -3.41% are down 1.9% in premarket trading after Bernstein analyst Stacy Rasgon downgraded the stock to underperform from market perform. He had upgraded the stock to market perform after Intel's last earnings report based on his assumption that the data-center group would continue to post strong growth, but Rasgon said he has been "regretting that upgrade; not necessarily from the perspective of the stock, but rather that it is becoming increasingly apparent that the structural issues we have promulgated for years are becoming ever obvious to investors." The leadership transition at Intel, following the resignation of Chief Executive Brian Krzanich last week, limits "upside risk," according to Rasgon. He wrote that Intel's multiple fell after Krzanich said he was stepping down. Rasgon lowered his price target on the stock to $42 from $54. Shares are up 49% over the past 12 months, while the Dow Jones Industrial Average DJIA, -1.33% has gained 13%. Read More Intel stock falls after Bernstein turns bearish : https://ift.tt/2yGj5BO
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