Atlantic Equities Downgrades Intel (INTC) to Underweight
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Atlantic Equities analyst Ianjit Bhatti downgraded Intel (NASDAQ: INTC) from Neutral to Underweight with a price target of $45.00 (from $63.00).
THe analyst comments "Following the appointment of Patrick Gelsinger as Intel CEO we upgraded the stock to Neutral given the opportunity for a strategic change. However, we do not believe IDM 2.0 provides an answer to market share losses to AMD. In addition, Q1 results reflected accelerating CPU market share declines, with cost competition from Intel not having been effective to date and its customer relationships no longer a barrier to adoption. Consequently, we are downgrading to Underweight with a $45 YE21 PT, requiring 13x FY22 non-GAAP EPS."
Shares of Intel closed at $57.67 yesterday.
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