UPDATE: Intel (INTC) PT Lowered to $70 but Morgan Stanley Sees the Turnaround Progressing with an EPS Hard Deck of $4.50

July 23, 2021 3:36 AM EDT
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(Updated - July 23, 2021 7:20 AM EDT)

Morgan Stanley analyst Joseph Moore lowered the price target on Intel (NASDAQ: INTC) to $70.00 (from $72.00) after the 20% upside to EPS and constrained guidance effectively cuts EPS for the remaining half of 2021.

The analyst maintained an Overweight rating, stating "even with multiple headwinds in the business, we view 2h numbers as conservative. We don't see many catalysts, and we don't fully buy into the foundry strategy as it stands today, but we do believe that the company can put a turnaround into place without earnings falling below the $4.50 level, and we remain OW."

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