Citi Raises Price Target on Intel (INTC), Starts Positive Catalyst Watch Ahead of Analyst Day
- Wall Street ends lower as Cisco and Apple sink
- A Recession Could Push S&P 500 to 3360 - Goldman Sachs
- Palo Alto Networks Shares Surge 11% on Q3 Earnings Beat and Raise
- Twitter (TWTR) Says Musk Deal Not 'On-Hold', Won't Renegotiate Price
- After-Hours Stock Movers 05/19: Palo Alto Ramps on Strong Results; Ross Stores Plunges (more...)
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
Citi analyst Christopher Danely raised the price target on the Neutral-rated Intel Corporation (NASDAQ: INTC) to $58.00 per share from the prior $52.00.
The analyst also started a positive catalyst watch as he sees strong upside from the robust PC end market demand. Overall, the analyst sees strong enterprise demand and notebook orders that are likely to push Intel’s 4Q results and 1Q guidance above the consensus.
“We are raising estimates on Neutral-rated Intel and adding a positive Catalyst Watch for the stock due to the near term upside and we expect the stock to trade well going in to its analyst day in mid-February,” Danely said in a client note.
Still, the analyst reiterated his Neutral rating “as we expect the company to continue to lose share and its growth efforts to result in downside to Consensus estimates.
The analyst also warns investors that there is “still a lot of wood to chop and PC demand to revert to the mean” before Danely can get more constructive on the Intel stock.
“As considerable effort and focus still will be needed by Intel, especially in manufacturing, to catch up to its competitors, we are maintaining Neutral rating for the stock. Moreover, we expect PC demand to revert to the mean given two straight years of double digit growth.”
Intel stock price is down 1.5% in pre-open Tuesday.
By Senad Karaahmetovic | [email protected]
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Xiaomi Corp (1810:HK) (XIACF) PT Lowered to HK$18 at Citi, Macro Headwinds Could Be Buying Opportunity
- Banco Bilbao Vizcaya Argentaria SA (BBVA:SM) (BBVA) PT Lowered to EUR6 at JPMorgan
- Mitchells & Butlers Plc. (MAB:LN) (MBPFF) PT Lowered to GBP3.30 at Morgan Stanley
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Hot Comments
Related EntitiesCiti, Pre Market Movers, Senad Karaahmetovic
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!