Needham & Company Remains Bullish on Intel (INTC) Following 2Q Results
Needham & Company reiterated a Buy rating and $38.00 price target on Intel (NASDAQ: INTC) following the company's 2Q earnings report. Intel reported revenue of $13.5bn, in-line with estimates. Non-gaap EPS of $0.59 beat $0.53 estimates. EPS included a $0.05 benefit from higher than expected interest and other income and a lower tax rate.
Analyst Quinn Bolton commented, "Intel reported mixed 2Q16 results and issued 3Q guidance above Street estimates while largely maintaining its FY outlook. The DCG segment saw Y/Y revenue growth decelerate to 5% and while 2Q16 was clearly disappointing, management expects this segment to return to DD growth in 2H16. 3Q16 guidance implies higher than normal seasonality, which should be driven by the recovery in DCG as well as in memory and IoT. We would use the current weakness in DCG as an opportunity to accumulate INTC shares. We reiterate our Buy and PT of $38."
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Shares of Intel closed at $35.69 yesterday.