By Sam Boughedda
Investing.com -- Intel Corporation (NASDAQ:INTC) is up just over 1% after Raymond James upgraded the stock Outperform from Market Perform.
Analyst Chris Caso released a note on the company, explaining that the firm's previous bear thesis "has played out."
While Caso upgraded the stock, he was less than bullish in his assessment, telling investors: “At its analyst day last week, Intel guided for no free cash flow for the next three years as it plans to invest heavily in an attempt to regain process superiority. The path to that goal is very long and expensive, and the outcome remains uncertain at best."
He added that "investing now for a potential 2025 recovery likely means investing through an eventual downturn."
However, he isn't confident that the stock, down 28% in the last 12 months, will meaningfully underperform further, even in an industry downturn.