Cowen Reiterates Market Perform on Intel (INTC) Based on Growth Prospects
Cowen reiterated a Market Perform rating on Intel (NASDAQ: INTC), and raised the price target to $35.00 (from $34.00), on better growth prospects in DCG and GM tailwinds. INTC as a whole is less reliant on PCs than in the past and its PC business is still very profitable.
Analyst Timothy Arcuri commented, "The case was laid for growth of at least low singles even in a draconian PC market (high singles in a flat mkt) on the back of DCG, IoT SSG and memory - together now 65% of OP. Capex $10B a little less than we expected (but balanced given cash usage from ALTR deal) and divvy increase too. See guide, esp GM, as conservative. Target to $35, but stock already there; maintain Market Perform."
For an analyst ratings summary and ratings history on Intel click here. For more ratings news on Intel click here.
Shares of Intel closed at $34.30 yesterday.