Nomura Securities Maintains a 'Reduce' on Intel (INTC); Solid First Quarter, But Inventories Up 10%

Nomura Securities maintains a 'Reduce' on Intel (NASDAQ: INTC) price target of $23.00.

Analyst, Romit Shah, said, "Intel reported 1Q12 results better than our forecast. Revenue/EPS came in at $12.9bn/0.53 vs. our estimates of $12.8bn/$0.49 and consensus of $12.8bn/$0.50. The EPS beat was driven by higher revenue ($0.02), higher gross margin ($0.01) and a lower tax rate ($0.01)."

"Revenue for the PC Client Group declined 7% QoQ (vs. our estimate of -11%) and revenue for the Data Center Group declined 10% QoQ (vs. our estimate of -4%)...Inventory balance increased nearly $400mn, or 10% QoQ, to $4.5bn."

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 $28.41 yesterday.

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