UPDATE: Northland Capital Markets Downgrades Intel (INTC) to Underperform (correction)
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(Updated - February 1, 2021 8:24 AM EST)
Northland Capital Markets analyst Gus Richard downgraded Intel (NASDAQ: INTC) from Market Perform to Underperform with a price target of $46.00.
The analyst comments "We expect INTC share loss to accelerate over the next couple of years. While INTC may start outsourcing CPUs to TSMC, it is also going to continue to forge ahead with internal process development. We think this is a losing strategy. TSMC will likely not give INTC priority, as INTC will prioritize its own internal utilization. Also, a fab lite strategy will increase R&D expenses. We downgrade to UP and lower PT to $46."
Shares of Intel closed at $56.00 yesterday.
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