Brean Capital Raises Price Target as Intel (INTC) Updates Revenue Guidance
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Brean Capital reiterated a Buy rating on Intel (NASDAQ: INTC), and raised the price target to $40.00 (from $38.00), as the company increased September quarter revenue expectations. The company now expects revenue to be $15.6B plus or minus $300M versus its previous range of $14.9 billion, plus or minus $500 million.
Analyst Mike Burton commented, "Last Friday before the market open, Intel Corporation raised its Sep-16Q revenue expectations primarily due to replenishment of PC supply chain inventory and improving PC demand. We are not surprised by Intel’s new guidance given the anecdotal positive data we have observed and heard from many of the mobo makers and notebook ODMs in Taiwan as their monthly sales growth in August came in better than historical averages. We are encouraged by this update from Intel and still believe INTC is well positioned for the 2H of 2016 from both a revenue point of view and from an OPEX point of view as we believe the company has OPEX levers to be realized as its restructuring actions start to play out. Netting out the company’s new guidance, we are increasing our CY16E and CY17E EPS upwards and maintaining our Buy rating. In addition, we are bumping our $38 target price to $40."
Shares of Intel closed at $37.16 yesterday.
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