Deutsche Bank Reiterates Hold Rating on Intel (INTC)
Deutsche Bank analyst Ross Seymore reiterated a Hold rating and $25.00 price target on Intel (NASDAQ: INTC)
The analyst comments "After a tumultuous 2Q, Intel delivered a very solid 3Q/4Q report/guide that upsided expectations on nearly every metric (revs/GM/EPS, etc.). Beyond providing much needed financial stability, Intel also offered progress on its manufacturing technology (18A on track for 1H25 launch), product roadmap (Lunar Lake strong, Granite Rapids somewhat shrinking competitive gap), and Foundry traction (3 new 18A customers). While these are all positive steps, and we believe the resulting pop in Intel's shares is warranted, we continue to view the company’s transformative turnaround efforts as being a multi-year process, with 2025 largely remaining another transition year yielding minimal revenue/GM growth (see our Oct 2 note highlighting these dynamics here). Overall, we will continue to monitor key transformation metrics such as 18A traction & new product launches (Clearwater Forest/Panther Lake timing, new Foundry customers, etc.), but believe the meaningful financial benefits from these efforts remains in 2026+. Consequently, with little change to our forward estimates, we retain our Hold rating and $25 P/T."
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Shares of Intel closed at $21.52 yesterday.