Needham analyst Quinn Bolton maintained a Buy rating on Intel (NASDAQ: INTC) today and set a price target of $60. The company’s shares opened today at $54.38, close to its 52-week high of $57.60.
Bolton commented:
“Intel announced the resignation of CEO Brian Krzanich due to a violation of Intel’s non-fraternization policy and named CFO Brian Swan interim CEO. Intel also positively pre-released 2Q18 results. 2Q18 revenue and NG EPS are expected to be approximately $16.9bn and ~$0.99, respectively, well ahead of prior guidance and our estimates. We believe Mr. Krzanich was the driving force behind Intel’s transition to a data centric business. Further, with AMD’s EPYC processor positioned to take server market share, DCG facing much tougher comps beginning 4Q18 and persistent 10nm manufacturing issues, we believe the level of risk to Intel’s shares has increased. While we maintain our Buy rating, we are lowering our PT to $60 from $62 to reflect a lower P/E multiple of 14x (vs. 15x) our 2019 NG EPS estimates due to the increased risks.”
According to TipRanks.com, Bolton is a top 100 analyst with an average return of 18.0% and a 70.2% success rate. Bolton covers the Consumer Goods sector, focusing on stocks such as MACOM Technology Solutions Holdings Inc, Sequans Communications S A, and Quantenna Communications.
Currently, the analyst consensus on Intel is Moderate Buy and the average price target is $59.75, representing a 9.9% upside.
In a report issued on June 11, Nomura also maintained a Buy rating on the stock with a $60 price target.
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Intel’s market cap is currently $249.1B and has a P/E ratio of 23.24. The company has a Price to Book ratio of 3.55.
Based on the recent corporate insider activity of 151 insiders, corporate insider sentiment is negative on the stock.
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