HSBC upgraded Intel (INTC) to Hold from Reduce with a $20 price target The stock is now fairly priced, as recent uncertainties relating to execution of the “IDM 2.0” strategy as well as top management attrition are reflected in the shares,

Shares of Intel were up more than 2% Tuesday afternoon, extending Friday gains that were powered in part by deal-related rumors.

A Bernstein analyst recommends avoiding Intel’s stock as takeover rumors have the potential to drive a rally, though “it doesn’t feel like a long either.”

Intel stock surged on rumors of a potential buyout involving Elon Musk, suggesting a 20%-30% premium. Click here to read more on the possible INTC buyout.