Muse highlighted that Intel’s operating expenses are trending below prior estimates, while the company is on track with cost-savings plans and, critically, areas like product and process roadmaps as well as build plans at its Arizona fab. Muse of Evercore ISI that management is “clearly executing to its plan,” something that he said is “frankly is a breath of fresh air from Intel.” Intel’s results and commentary suggested to C.J. The company is executing well off a “a weak starting point,” he said, but “time will tell on the trajectory.”įor now, he rates the stock a sell with a $17 target price.ĭon’t miss: Nvidia gets more good news from Big Tech, even as AI spending ‘may not lift all boats’ “Financially, Intel has clearly cast a model to slowly deliver on longer-term goals, setting expectations for a prolonged ramp,” he wrote. Hans Mosesmann of Rosenblatt Securities deemed the June period “a solid recovery quarter for Intel with mixed implications for the shares” given a bottoming of the PC cycle but an “uncertain data-center trajectory.” Data-center momentum is “most important for any bull case,” in his view. He has a hold rating on Intel shares but boosted his price target to $37 from $32. Read: Nvidia is ‘dominating’ and could unlock $300 billion in AI revenue by 2027, analyst says “We acknowledge that INTC’s execution has improved significantly in the last two quarters,” Stein added, but said the company could face a “lasting problem” stemming from a shift in spending toward high-end artificial-intelligence systems and competitive risks from Nvidia Corp. Plus, “if a turnaround is lasting, we will have time,” he wrote. Quarters “make a fragile trend,” Stein wrote, and he remains skeptical about the long-term market potential for Intel’s x86 processor. Truist Securities analyst William Stein also took a measured stance, saying that while Intel logged its second straight “good” quarter, investors shouldn’t “get too excited.” Opinion: Intel sees a huge AI opportunity - but its clock is ticking Still, after recent high-profile missteps, the company’s fairly low-drama earnings have Wall Street feeling a bit more relieved Friday, with shares up about 6% in premarket trading. He lifted his price target on the stock to $34 from $32 in his most recent note, while saying that the company still has “an awful lot of wood to chop.” Once a vocal bear on Intel’s stock, Rasgon moved to a market-perform stance in April, and he wrote Thursday that he and his team “admit to warming (very slightly)” to Intel’s story, even though they saw “more than enough here to keep us sidelined for now.”
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