UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Intel Corporation

In a report published Friday, Deutsche Bank reiterated its Buy rating on Intel Corporation INTC, but lowered its price target from $28.00 to $26.00. Deutsche Bank noted, “Intel delivered 4Q12 results largely in-line with guidance and expects 1Q13 to return to normal seasonality, in-line with expectations. More positively Intel continues to see strong demand for its high-end products and saw continued growth in blended ASPs. However, INTC continues to invest heavily in fabs and R&D despite muted revenue growth and this is likely to pressure free cash flow in 2013. We expect this spending-driven headwind to keep the shares range-bound in the short-term, but maintain our Buy rating and $26 P/T on prospects for revenue growth and generally improved returns in 2H13/2014.” Intel Corporation closed on Thursday at $22.68.