Mizuho Securities Raises Price Target on Intel (INTC) to $42; Reiterates Buy
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Mizuho Securities reiterated a Buy rating on Intel (NASDAQ: INTC), and raised the price target to $42.00 (from $38.00), following the company's September quarter preannouncement. INTC raised its midpoint of revenue expectations ~5%, from $14.9B to $15.6B due to PC inventory replenishment and better PC demand.
Analyst Vijay Rakesh commented, "INTC preannounced positively for the SepQ, raising the revenue and GM outlook citing replenishment of PC supply chain inventory and better demand. We believe in 2H16 INTC could see more tailwinds from improving data center orders which would be positive for the computing ecosystem for MU, WDC, and ON as well. We believe the updated guidance reflects a ~$0.10-$0.11 improvement in GAAP EPS. We are updating our INTC estimates, reiterating our Buy rating, and raising our PT to $42."
Shares of Intel closed at $37.67 yesterday.
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