Canaccord Reiterates Buy on Intel Corporation Following Data Center Day and Hot Chips Conference

In a research report sent to investors today, Canaccord Genuity analyst Matthew Ramsay reiterated a Buy rating on shares of Intel Corporation (NASDAQ:INTC) with a price target of $39, after attending Intel’s Data Center Day and the Hot Chips industry conference in Cupertino where Intel executives and engineers presented new chip products across several of Intel’s end markets.

Ramsay observed, “We left the meetings with increased confidence in long-term 15% CAGR DCG growth targets as Intel’s core cloud server growth potential is supplemented by innovation and market share gains potential in memory, silicon photonics, networking, and other markets. While near-term China concerns from investors are prudent, we believe investors underappreciate Intel’s diversifying opportunity set in DCG and see strong server upsell cycles over the next few years where technologies including Skylake processors, 3D XPoint memory, and integrated FPGAs waterfall into the DCG portfolio and keep generational performance uplift targets intact despite the Moore’s Law asymptote.”

Bottom line, “We believe investors now have a more pragmatic view of the secular challenges of the PC business long term and these expectations are reflected in the stock given opportunities to invest in Intel shares for the long-term DCG growth potential and opporunties for IoT growth and Mobile loss reductions.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Matthew Ramsay has a total average return of 0.0% and a 42.7% success rate. Ramsay has a -5.2% average return when recommending INTC, and is ranked #2565 out of 3743 analysts.

Out of the 40 analysts polled by TipRanks, 22 rate Intel stock a Buy, 13 rate the stock a Hold and 5 recommend Sell. With a return potential of 27%, the stock’s consensus target price stands at $36.10.

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