Mizuho Securities Remains Bullish on Intel (INTC) Following Solid 1Q Earnings Report

Mizuho Securities reiterated a Buy rating and $36.00 price target on Intel (NASDAQ: INTC) following the company's 1Q earnings report. INTC reported revenue and non-GAAP EPS of $13.7B/$0.54, versus the street at $13.7B/ $0.48. Management guided 2Q16 to a flat $13.5B topline q/q and GAAP GM to 58% given one less week versus 1Q16.

Analyst Vijay Rakesh commented, "INTC reported MarQ GAAP revenue/EPS inline with consensus and guided JunQ to flat revenue of $13.5B (versus consensus of $14.2B), partly due to 1 less week (~7% lower) in the JunQ. INTC also moderated full year topline expectations to mid-single digit growth versus prior mid- to high-single digit growth y/y, given weaker PCs (which was mostly expected). An aggressive INTC PC cost reset with a $1.4B savings by 2017 and a refocus on data center should position INTC better. Adjusting estimates, maintaining our Buy."

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 $31.60 yesterday.

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