Needham & Company Reiterates Buy on Intel (INTC) Following 3Q Earnings Results
Needham & Company reiterated a Buy rating and $37.00 price target on Intel (NASDAQ: INTC) following the company's 3Q15 earnings results. Intel reported revenue and GAAP EPS of $14.5bn/$0.64. CCG revenue increased 13% Q/Q driven by record Core mix.
Analyst Quinn Bolton commented, "Intel reported better than expected 3Q15 results and provided 4Q15 guidance in line with expectations reflecting a richer product mix within CCG as the company experienced strong demand for its 6th generation Core CPUs. The higher ASPs mitigated continued weakness in non-consumer and emerging markets PC shipments. Offsetting the positive results, management reduced its 2015 DCG revenue growth outlook from ~15% to low double digits. While we had modeled only 12% DCG revenue growth in 2015, we acknowledge investors are likely to be disappointed by the lower DCG outlook. As DCG quarterly revenue can be lumpy, we see signs of stabilization in the PC market and we remain optimistic on the long-term growth potential of DCG. We reiterate our Buy and $37 PT and would use any weakness as a buying opportunity."
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Shares of Intel closed at $32.04 yesterday.