Barclays Reiterates Equalweight Rating on Intel (INTC)
Barclays analyst Blayne Curtis reiterated an Equalweight rating and $25.00 price target on Intel (NASDAQ: INTC).
The analyst comments "The company beat a low bar in the quarter due to modest upside in DCAI and guided for a stronger December driven by a better than seasonal Client market. After taking a number of charges in the quarter, most notably a significant impairment on older equipment (mainly Intel 7/10nm), a goodwill impairment on Mobileye, and a $300M write-down of accelerator inventory, management is still attempting to right-size the business and maintained cost-cutting and capex targets into next year. Net-net, we are encouraged by INTC's execution off the bottom and think expectations are now set more appropriately, but underlying questions around the competitiveness of the core business, process technology, and cash flow generation remain unanswered, keeping us on the sidelines."
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Shares of Intel closed at $21.52 yesterday.