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BUZZ-Intel gains after naming chip industry veteran Lip-Bu Tan as CEO

Reuters03-13

BUZZ-Intel gains after naming chip industry veteran Lip-Bu Tan as CEO

** Intel's INTC.O shares jump 9.7% to $22.69 premarket

** Co names semiconductor industry veteran Lip-Bu Tan as its CEO; he will also rejoin INTC board

** Tan is a very strong choice that is likely to be viewed favorably by many investors, but INTC's turnaround will not be quick work - TD Cowen

** It could temporarily calm reports of a potential split between INTC's product and manufacturing businesses - TD Cowen

** Bernstein says if INTC decides to exit foundry business under Tan's leadership, it could benefit Taiwan Semiconductor Manufacturing Co 2330.TW

** Tan's leadership could make situation tougher for Advanced Micro Devices AMD.O if he can help INTC revitalize the product roadmap - Bernstein

** The appointment, effective March 18, comes three months after Intel ousted CEO and company veteran Pat Gelsinger

** Three of 45 brokerages rate the stock "buy" or higher, 38 "hold" and 4 "sell" or lower; their median PT is $23 - LSEG

** Up to last close, INTC has fallen ~54% over the past 12 months

(Reporting by Jaspreet Singh in Bengaluru)

((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))

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