Intel (INTC): Fundamentals Still Improving Despite DCG Shortfall
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Baird analyst, Tristan Gerra, reiterated his Outperform rating on shares of Intel (NASDAQ: INTC) after the company reported earnings that showed a slowdown in the data center group. The analyst believes that DCG's lowered outlook could weight on INTC shares for the rest of the year but longer-term improvement in fundamentals remain intact with a still-rising DCG mix, stabilization in PC comps, and further reductions in mobile losses all driving a sustainable resumption in earnings growth.
The analyst believes Intel will supply the iPhone8 as it retains its current 40% market share position, which should result in a continued decline in Intel's mobile losses in 2017.
No change to the price target of $42 but EPS drops by $0.03 to $2.02 for CY16.
Shares of Intel closed at $37.75 yesterday.
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