Intel (INTC) PT Lowered to $45 at Wedbush, Following Earnings

October 22, 2021 2:02 PM EDT
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Price: $53.62 -2.08%

Rating Summary:
    24 Buy, 24 Hold, 13 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 29 | Down: 32 | New: 34
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Wedbush analyst Matthew Bryson lowered the price target on Intel (NASDAQ: INTC) to $45.00 (from $50.00) while maintaining a Underperform rating.

Analyst comments: "Our Underperform Rating on Intel has been predicated on our view that while Intel is doing the right thing in lifting investment to try and restore manufacturing and product supremacy, the required increase in spending over the next few years will necessarily weigh heavily on company results, particularly with the company's share (and ASPs) suffering from current compeitive dynamics. This thesis manifested in Intel's guidance with Q4 EPS coming in short of expectations (presumably on higher opex), while Intel's outlook for GMs to hover between 51% and 53% over the next few years compares with prior consensus of around 56%."

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