RBC Capital Sees Smooth CFO Transition at Intel (INTC); Affirms at 'Sector Perform'

RBC Capital affirms Intel (Nasdaq: INTC) at Sector Perform with a price target of $38 after a new CFO was announced today.

The firm commented, Intel announced that Bob Swan has succeeded Stacy Smith as CFO, effective October 10, 2016. Mr. Swan was previously an operating partner at growth equity firm General Atlantic, where he worked with the firm's global portfolio on growth initiatives. Prior to his growth equity role over the past year, Mr. Swan was most recently the CFO of eBay for 9 years from 2006-2015, leaving in July 2015. Mr. Swan will report to INTC CEO Brian Krzanich and oversee Intel's global finance and IT organizations as well as the Corporate Strategy Office. We note that Intel's prior CFO, Stacy Smith, will stay on in a separate role leading manufacturing, sales, and operations within Intel, while the CFO prior to Mr. Smith, Andy Bryant, is the chairman of the Board of Directors at Intel and has been at Intel in various roles since 1981. Net/net: While investors may wonder why INTC did not look to present semiconductor CFOs/executives for the role, we believe that the continued involvement of two prior CFOs of INTC within the Company should set up a relatively smooth transition for Mr. Swan.

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