Intel jumps after Bank of America lifts stock to buy
What's new: The move followed a double upgrade from underperform, signaling a sharper turn in analyst sentiment on the chipmaker.
Intel shares rose sharply Thursday after Bank of America upgraded the stock to buy from underperform, a two-step move that marked a notable shift in Wall Street's view of the semiconductor company. The CNBC report framed the rally around the bank's bullish call and the reaction from television host Jim Cramer, who argued investors should pay attention to the change in sentiment. The available source material did not provide the size of the share gain, the analyst's detailed rationale or any comment from Intel. Even so, a double upgrade from a major bank can influence trading because it signals a broader reassessment of a company's outlook.