Intel (INTC) PT Raised to $43 at Needham & Company; All Good Accept Enterprise
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Needham & Company raised its price target on Intel (NASDAQ: INTC) to $43.00 (from $42.00) while maintaining a Buy rating following strong 4Q16.
Analyst N. Quinn Bolton commented, "Intel reported strong 4Q16 results that exceeded the high end of guidance and expectations as strength in gaming and high-end systems drove a record Core mix in its CCG segment. Memory and IOTG also contributed to the upside. Guidance for 1Q17 and 2017 was better than expected as well despite a softening outlook for CCG and continued headwinds in the Enterprise segment of DCG. Setting a more reasonable target, management expects DCG revenue to increase by a HSD in 2017, but believes there are opportunities for future DD growth. Though we continue to be disappointed in the Enterprise segment, we note all other DCG segments are growing at or above expectations and now account for the majority of DCG revenue. We reiterate our Buy rating and raise our PT to $43 from $42."
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