Intel Not Just A PC Company Anymore And Investors Will Benefit, Wedbush Says

Wedbush this week issued its equity research report, reiterating an Outperform rating on Intel Corporation INTC with a 12-month price target of $32.06.

Here is Wedbush's latest takeaway on Intel from CES 2016.

"In our view, Intel is no longer just a PC company anymore.We attended the 2016 Consumer Electronics Show (CES) in Las Vegas, Nevada last week and made multiple visits to INTC's booth in Central Hall where to our surprise the foot traffic was consistently jam packed to overcapacity brimming with a sea of people to view wearable products in health and fitness, laptops, tablets, drone, robot, PC gaming and VR demonstrations all powered by INTC solutions," the firm commented.

Although Wedbush acknowledged PCs will continue to account for more than 50 percent of overall revenue in the near term, their takeaway is based on its array of IoT products and media collaborations.

"We believe following CEO Brian Krzanich's impressive to say the least keynote, bevy of IoTs products, and collaborations ranging from ESPN to Lady Gaga, INTC is no longer just a PC company anymore," the note said.

For Intel, IoTs, datacenter and Skylake ramp becomes an opportunity.

"Following our industry checks and takeaways from CES, we expect Q4 essentially in-line with the Street and our estimates ($0.63/$14.8B) as we expect Skylake ramp, datacenter and IoTs strength to offset weakness in NAND, and software and services," the firm noted.