Intel Corp. shared its 2022 and long-term growth strategy at its investor meeting Thursday.
After attending Intel’s analyst day, Bank of America (BofA) analyst Vivek Arya said the company “laid out an ambitious plan” to drive double EPS growth through 2026.
He expects bulls to focus on its commitment to process leadership, large and growing total addressable markets, and better than expected financial targets.
However, he kept an Underperform rating and $52 price target (9.3 percent upside) on Intel shares as he argues process leadership by 2025 “assumes flawless execution on five nodes in four years,” which he thinks will be difficult.
He sees no reward until 2026 for what Arya describes as Intel’s “bold but high-risk plan.”
Barclays analyst Blayne Curtis lowered the price target on Intel to $45 from $50 (5.4 percent downside) and kept an Underweight.
The analyst says Intel’s 2022 investor meeting “fell flat” as the 2022 guidance was below estimates with no free cash flow expected through 2024, “even on unrealistic growth targets.”
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