Intel (INTC) PT Lowered to $52 at Jefferies as Margin Pressure Begins and Will Likely Remain
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Jefferies analyst Mark Lipacis lowered the price target on Intel (NASDAQ: INTC) to $52.00 (from $54.00) while maintaining a Hold rating after 2Q EPS beat by 19%, but the 3Q21 EPS outlook came in $0.10/9% below ex-1x tax benefit.
The analyst stated "Intel's business model is transitioning from 100% IDM to one where it is at the same time a foundry, user of foundries and an IDM. At the same time, INTC's market dominance is getting whittled away by NVDA, AMD, Ampere and home-grown ARM solutions from its biggest customers. We expect continued pressure on margins."
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