Jefferies Raises Price target on Intel (INTC) to $36 Following 2Q EPS Beat
Jefferies reiterates a Buy rating on Intel (NASDAQ: INTC), and raises the price target to $36.00 (from $35.00), following 2Q15 results. Reported EPS of $0.55 was $0.05 above consensus.
Analyst Mark Lipacis commented, "2Q EPS beat by $0.01 EPS (ex 1x), and the 3Q outlook implies a $0.03 beat due to both better revs (170 bps) and gross margins (160 bps). Importantly, INTC is officially shifting to a 10 qtr manufacturing process cadence for 10nm, which we think translates to: 1) better gross margins, 2) lower CapEx intensity and higher cash flow, 3) more consistent execution and predictable demand."
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Shares of Intel closed at $29.69 yesterday.