Analysts slashed their price targets on Intel Corp. following lackluster Q1 guidance.
Citi analyst Christopher Danely lowered the price target to $55 from $58 (13 percent upside) and reiterated a Neutral.
The company reported a strong Q4 due to strength in PCs and servers but gave “very poor” guidance due to heavy investing, a 14-week quarter, and an inventory correction in PCs.
He lowered estimates for Intel post the results.
Mizuho analyst Vijay Rakesh maintained Intel with a Neutral and lowered the price target from $55 to $53 (8 percent upside).
Credit Suisse analyst John Pitzer lowered the price target to $70 from $80 (43 percent upside) and maintained an Outperform.
The analyst notes Intel reported Q4 revenue and EPS well above consensus and guided Q1 revenue above estimates but EPS well below consensus on a modest gross margin miss, modestly higher TR, and significantly higher OpEx.
By Anusuya Lahiri
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