Intel (INTC) PT Lowered to $60 at BMO Capital
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BMO Capital analyst Ambrish Srivastava lowered the price target on Intel (NASDAQ: INTC) to $60.00 (from $70.00) while maintaining an Outperform rating.
The analyst commented, "Intel provided an earlier look at the model as the company transitions to one that includes large investments needed to build out its foundry business. For 2022, CapEx is going up by a meaningful amount, and FCF is headed the other way. GM is going lower in 2022 as the company accelerates its investments in the various nodes. GM is expected to stay depressed for 2-3 years. Our estimates are going lower, as is our TP. We are staying with our Outperform rating."
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