UPDATE 1-Intel results bode well for tech industry - analysts

* Intel results a positive for Microsoft, Adobe, VMware

* Two brokerages up price targets

July 14 (Reuters) -Intel Corp's (INTC.O) robust results sent positive signals across the technology industry and prompted at least two brokerages to raise their price targets on the world's largest chipmaker. Tuesday's report from Intel suggested that consumer demand for technology remained strong and eased concerns over chip pricing, analysts said. Intel's chips are used in the vast majority of the world's personal computers. Late Tuesday, Intel's margin and revenue forecasts blew past Wall Street expectations, allaying fears of a technology spending slowdown and sending its shares up nearly 8 percent. [ID:nN12197658]

Intel's numbers have positive implications beyond the semiconductor market, Goldman Sachs analyst James Covello wrote in a note to clients.

"Microsoft (MSFT.O), Adobe (ADBE.O) and VMware (VMW.N) should benefit from both data center and client PC spending; QLogic (QLGC.O) and Emulex (ELX.N) should benefit from strong server growth; and Ingram Micro (IM.N), Synnex (SNX.N), and Tech Data (TECD.O) are well positioned with lean inventory and an ongoing PC refresh," Covello said.

Macquarie Research analyst Shawn Webster upped his price target on Intel to $21.20 from $20, but kept his "neutral" rating on the stock.

While positive about Intel's solid execution and share gain potential, the brokerage's concern was with a potential component inventory correction in the second half of 2010, Webster said.

FBR Capital Markets raised its price target on the stock to $32 from $30.

Thirty two analysts rate Intel shares a buy, 14 have a "hold" rating and three suggest that investors sell the stock, according to Starmine data.

The stock's mean price target ahead of today's changes was $26.97, implying analysts expect the shares to rise 28 percent in the next 12 months, Starmine figures show.

Investors from across Asia, Europe and North America cheered the news of Intel's results.

Shares of Asian chip and PC makers jumped on Wednesday, pointing to potential upside for the sectors in quarterly reports due in coming weeks.

Samsung Electronics Co (005930.KS), the world's top maker of DRAM memory chips, rose 3.5 percent to a three-week high, while leading contract chipmaker Taiwan Semiconductor Manufacturing Co (2330.TW) closed up 1.3 percent. Acer Inc (2353.TW), the world's No.2 PC brand, closed 6 percent higher at a two-month high. [ID:nTOE66D04I]

Meanwhile in Europe, Dutch chip equipment maker ASML (ASML.AS) raised its 2010 sales outlook by at least 10 percent on Wednesday as a broadly improving outlook for the chip industry drove better-than-expected second quarter results. [ID:nLDE66D03M]

Shares of Intel, whose rivals include Advanced Micro Devices Inc (AMD.N), were up 7 percent, or $1.38, at $22.39 Wednesday in trading before the bell. AMD shares were up 5 percent. (Reporting by S. John Tilak in Bangalore; Editing by Prem Udayabhanu)