Intel price target raised to $57 from $50 at Benchmark

Benchmark raised the firm’s price target on Intel (INTC) to $57 from $50 and keeps a Buy rating on the shares. After gaining 150% over the last twelve months and nearly 50% since January 2, the firm believes Intel’s shares were “poised for a pull-back in all but the most optimistic of scenarios” and its disappointing Q1 outlook “provided more than enough reason for traders to sell shares aggressively,” the analyst tells investors in a post-earnings note. Capacity constraints limit Intel’s ability to meet growing demand, yet it is making “material” foundry progress, the analyst added.