UPDATE: Miller Tabak Cuts PT to $23 on Intel Corporation on PC, Inventory Headwinds

Miller Tabak reiterated its Neutral rating on Intel Corporation INTC and lowered its price target from $25 to $23. Miller Tabak commented, "Intel is suffering from a double headwind of negative PC market growth and excess inventory. We see these issues lasting into 2013. Until the company gets inventory under control, so that gross margins can put in a bottom, we do not see investors rushing to buy the stock. We think the company can eventually get inventory under control but it is tough to tell when the rot stops in the PC market. The stock has declined significantly in the last several months and valuation appears to be attractive. The dividend is also attractive at these price levels. While the valuation and dividend are attractive we are maintaining our Neutral stance on the shares until we see some signs of stabilization in the PC and server markets." Intel Corporation closed at $20.16 on Friday.