Intel (INTC) PT Raised to $23 at Mizuho

Mizuho analyst Vijay Rakesh raised the price target on Intel (NASDAQ: INTC) to $23.00 (from $22.00) while maintaining a Neutral rating.

The analyst comments "INTC - No change to our JunQ rev/EPS estimates of $11.8B/$0.00 (cons. $11.9B/$0.01) and F25E of $50.5B/$0.26 (cons. $50.5B/$0.32), while adjusting F26E from $53.2B/$0.70 to $53.2B/$0.79 (cons. $53.4B/$0.85) and F27E from $55.2B/$1.34 to $56.5B/$1.44 (cons. $57.0B/$1.49). Raise PT to $23 (prior: $22), 29.2x our F26E P/E (prior: 31.6x) as we see new CEO Lip Bu-Tan driving a renewed focus on engineering leadership, with INTC focusing on reversing share loss in traditional server and PC, while AI returns to a focus and opex cuts can support better OM."

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