Intel (INTC) PT, Estimates Cut at Jefferies; Remains Buyer

Jefferies analyst Mark Lipacis maintained a Buy rating on Intel (NASDAQ: INTC) Friday but lowered estimates and his price target to $45.00 (from $48.00), which follows Micron's miss and weak outlook.

Lipacis commented, "MU noted weaker near-term PC trends during its MayQ earnings report, which leads us to lower our Street-high estimates. MU also noted lean channel inventories and expects a stronger 2H15, consistent w/ our model and seasonality. We continue to believe INTC will benefit from cyclical (2H15 PC seasonality, inventory restock, GM expansion in 2016) and secular (data center growth, tablet and handset share gain) tailwinds. We remain buyers."

The firm cut FY 2015 EPS from $2.37 to $2.25 and FY 2016 EPS from $3.00 to $2.82.

For an analyst ratings summary and ratings history on Intel click here. For more ratings news on Intel click here.

Shares of Intel closed at $31.99 yesterday.

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