UPDATE: Sterne Agee Cuts PT to $18 on Intel on PC Build Checks
Sterne Agee reiterated its Neutral rating on Intel (NASDAQ: INTC) while reducing its price target from $19 to $18.
Sterne Agee noted, "While there is optimism that MarQ PC sales could stabilize, our checks indicate a MarQ PC build closer to being seasonally down 7-10% q/q versus current consensus of down 3% q/q. Given very high INTC inventories and seasonal MarQ PC builds, we PC inventories will continue to be an overhang. We believe while tablets are a long-term structural challenge to PCs, the high price tag on the Surface-Pro and any OEM Win8 tablets production only in JunQ limit upside. Lowering estimates & PT to $18."
Intel closed at $19.57 on Friday.
Latest Ratings for INTC
|Aug 2014||JP Morgan||Maintains||Overweight|
|Jul 2014||B Riley||Upgrades||Neutral||Buy|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.