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Intel Becoming Less and Less of a PC Company, Says Barclays

Ahead of Intel’s (INTC) Q3 report this afternoon, after the closing bell, Barclays’s Blayne Curtis raises his rating on the company’s shares to Overweight from Equal Weight, and raises his price target to $45 from $38, writing that the company is becoming less and less of a PC company. Intel shares are up 52 cents, or 1.4%, at $37.81. Curtis’s change in rating is part of a long, 74-page industry note in which he also cuts his rating on Cypress Semiconductor (CY) to Equal Weight from Overweight, and raises his price targets on Cavium (CAVM), Cirrus Logic (CRUS), NXP Semiconductors (NXPI), Qualcomm (QCOM), and Skyworks Solutions (SWKS).
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