Intel resumed with a Market Perform at Raymond James

Raymond James resumed coverage of Intel (INTC) with a Market Perform rating. The company’s improved balance sheet and new management provide reasons for hope, but execution risk remains substantial, while Intel lags pure play foundry competitors like TSMC (TSM) and Samsung Foundry on several fronts, the analyst tells investors in a research note. Intel shares are trading well-above median historic earnings multiples, and the firm’s sum-of-the-parts model suggests that shares are fairly valued, Raymond James added.