"For the second consecutive year, we came away from INTC's Developer Forum (IDF) impressed by INTC's commitment to moving beyond its PC heritage into a wide array of new markets (Networking, AI, Autonomous Driving, IoT, etc.)," stated Seymore.
Well Suited To Accelerate Growth
The analyst believes Intel's scale of manufacturing and research and development leaves the company well suited for success in this transition, which will become increasingly visible in 2017 as PC-based revenues are expected to fall about 50 percent in terms of the company's total revenue mix.
As a result of Intel's efforts, Seymore is confident in the company's ability to accelerate growth through its new product lines. The analyst reiterated Intel's Buy rating and $40.00 price target.
According to TipRanks, Ross Seymore has an 82 percent success rate and a +22.2 percent average return per recommendation. The analyst is ranked 9 out of 4,124 analysts.
At time of writing, Intel traded at $35.23, up 0.75 percent Friday.
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