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UPDATE: Sterne Agee Cuts PT to $18 on Intel on PC Build Checks

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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

DateFirmActionFromTo
Aug 2014JP MorganMaintainsOverweight
Jul 2014B RileyUpgradesNeutralBuy
Jul 2014UBSUpgradesNeutralBuy

View More Analyst Ratings for INTC
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Posted-In: Sterne AgeeAnalyst Color Price Target Intraday Update Analyst Ratings

 

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