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Shares of Intel (NASDAQ: INTC) are trending higher after the company announced the results of its second quarter Tuesday. Morgan Stanley kept its equal-weight rating on the stock but boosted its price target from $28 to $30.
Although analyst Joseph Moore liked the majority of Intel’s report, but outlined several concerns. One key issues is that the company is several quarters behind its transitional plan and that difficulties may be exacerbated with an ongoing management change.
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The report further states, “$20 bn buyback will be seen as a sign of confidence but net cash will go from $4 bn to zero which may be a concern for dividend-centric shareholders.” In addition, “Non PC/server initiatives continue to be problematic, with Mobile segment losses increasing to $1.12 bn in 2q on $51 mm in revenues; mobile revenues could go negative in 3q on tablet subsidies.”
Morgan Stanley’s price target increase is based on raised EPS estimates for 2014 and 2015.
Shares of Intel were last trading at $33.46, 5.5 percent higher than Tuesday’s close.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.