Morgan Stanley analyst Joseph Moore downgraded shares of Nvidia Corp. and Intel Corp. to equal weight from overweight Tuesday, writing that he's shifting his chip-sector preferences toward names that stand to benefit from a broader economic recovery. He previously showed a preference for stocks that could benefit from remote-working trends. Nvidia shares are off 0.6% in Tuesday morning trading while Intel shares are up 1.7%. Moore wrote that in a recent Nvidia note, he drew comparisons between Nvidia and high-growth software names to justify his price target. "As much as we like the longer-term growth story, that's simply not a comparison that we're totally comfortable with," he said. On Intel, Moore wrote that consensus estimates seem low for the second-half of this year but "the growth deceleration implied by consensus numbers does imply significant risk to CY21." He upgraded shares of Lam Research Corp. , Qualcomm Inc. , and Qorvo Inc. [s QRVO] to overweight from equal weight. Nvidia shares have added 84% over the past three months as Intel's stock has rallied 38%. The S&P 500 is up 32% in that time as the Dow Jones Industrial Average , of which Intel is a component, is up 31%.
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