Evercore Partners Reiterates Underweight on Intel Following IDF Keynotes/Meetings
In a report published Monday, Evercore Partners analyst Patrick Wang reiterated an Underweight rating and $20.00 price target on Intel Corporation (NASDAQ: INTC).
In the report, Evercore Partners noted, “After several days of IDF keynotes and meetings with Intel execs and industry contacts, we come away unchanged in our thesis for several reasons. (1) Current PC trends remain choppy. (2) An attractive Bay Trail platform ought to re-kindle investor concern for Core i3 cannibalization. Even assuming modest share gains, it's tough to move the EPS needle. (3) LTE schedule remains unchanged – perhaps encouraging in light of BRCM's recent struggles. (4) We still see risk of pricing / margin pressure in DCG. While simultaneously raising Xeon ASPs, we hear that Intel has aggressively priced Avoton chips ahead of initial ARMpire SOCs. Nonetheless, we expect this effect to intensify over time as more competition will lead to lower ASPs / profits, even if Intel successfully manages to defend share.”
Intel Corporation closed on Friday at $23.44.
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|Nov 2014||Imperial Capital||Maintains||Outperform|
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