Baird Remains Bullish on Intel (INTC) Following 4Q Report
Baird reiterated an Outperform rating and $42.00 price target on Intel (NASDAQ: INTC) following the company's 4Q earnings report. 4Q16 GAAP EPS of $0.73 was above the consensus of $0.67. Revenue of $16.4 billion was above the high end of raised guidance of $15.2-$16.2 billion, up 3.8% sequentially.
Analyst Tristan Gerra commented, "Intel's 2017 revenue outlook calls for a stabilizing PC environment with however potentially less buoyant ASPs, DCG growth in the high-single-digit growth rate, with likely more lively revenue growth in both FPGAS (driven by data centers, Stratix 10) and smartphones. Full-year guidance appears achievable yet somewhat muted. Secular growth themes (data centers, networking/storage, AI, IoT) remain in place, in our view. Outperform-rated."
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Shares of Intel closed at $37.56 yesterday.