Intel (INTC) PT Cut to $52 at Mizuho Securities Despite Positive Near Term Checks

Mizuho Securities analyst Vijay Rakesh raised the price target on Intel (NASDAQ: INTC) to $52.00 (from $56.00) after conducting checks into the Taiwan PC NB supply chain and finding outperformance near-term.

The analyst stated "we believe JunQ PC units are trending significantly stronger, up 20-35% q/q (versus a seasonal +/-5% q/q and flat INTC guide) with better commercial PC shipments and a pull-in from the SepQ on fear of a 25% tariff. We believe server shipments remain in line and supply chain relocations are mostly complete. Like MU, we believe INTC has continued to ship to Huawei and we expect minimal NT impact from the ban. We therefore see significant JunQ upside (PCs ~40% of INTC rev) and a muted SepQ. Adjusting our JunQ/SepQ estimates;

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