Canaccord Genuity Weighs in on Intel Corporation Following Computex Conference and Executive Meetings
Canaccord Genuity analyst Matthew Ramsay came out with a research report on Intel Corporation (NASDAQ:INTC), after attending Computex conference in Taipei and meetings with Intel executives from the PC, wireless, memory, and IoT businesses. The analyst maintained a Buy rating on the stock with a price target of $39. Shares of INTC are currently trading at $31.84, down $0.47, or -1.45%.
Ramsay noted, “Despite an underwhelming Computex conference and negative (as expected) data points from the PC supply chain still waiting on Windows 10, we maintain our bullish view on Intel fundamentals highlighted by sustained foundry advantages and strong secular momentum supporting 15%+ DCG and ~20% IoTG growth potential.”
Furthermore, “While Mobile losses remain heavy, we believe Intel’s modem/SoC technology is gradually closing the gap in a quickly thinning herd of competitors with the business nearing transitions to SoFIA that should eliminate the need for costly subsidies and cost synergy potential in the combined Mobile/PC business remains.” Furthermore, “We believe investors now have a more pragmatic view of the secular challenges of the PC business and these expectations are reflected in the stock.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Matthew Ramsay has a total average return of 14.6% and a 73.7% success rate. Ramsay has a -1.0% average return when recommending INTC, and is ranked #355 out of 3612 analysts.
Out of the 25 analysts polled by TipRanks, 15 rate Intel stock a Buy, 8 rate the stock a Hold, and 2 recommend a Sell. With a return potential of 13.5%, the stock’s consensus target price stands at $35.94.