J.P. Morgan reiterated an "overweight" rating on Intel (nasdaq: INTC - news - people ), saying there is evidence of potential upside in the stock. The research firm said stronger-than-expected performance from the Taiwan PC market is evidence that Intel could have upside to the current second-quarter estimate for revenue of $8.9 billion and earnings of 27 cents per share. J.P. Morgan raised the second-quarter sequential notebook growth estimates from the Taiwan market to 17% from 14%, above normal seasonal growth of 14% due to higher than expected April results. The research firm also narrowed the sequential second-quarter motherboard shipment estimates to a 4% decrease from an 8% decrease, narrower than a normal second-quarter decline of 10%. Separately, Intel lowered its first-quarter reported taxes to $973.0 million from $998.0 million and raised its reported earnings per share to 35 cents from 34 cents. As a result, J.P. Morgan raised the calendar 2005 earnings-per-share estimate on Intel to $1.36 from $1.35.