UPDATE: Piper Jaffray Reiterates Neutral Rating and $21 PT on Intel on Weak PC Demand

In a report published by Piper Jaffray, analyst Auguste Gus Richard reiterated his Neutral rating and $21 price target on Intel

. Piper Jaffray reported that, “We believe Intel is tracking toward the lower end of its Q1 guidance of down 2% to 9% QoQ. We are trimming our revenue estimate to the low end of the range or $12.4B, down 8% Q/Q, and cutting our EPS estimate by $0.04 to $0.40. We believe PC demand remains weak while the server business has picked up a bit. There is some hope that PC demand will pick up in 2H:13 but we think it is too early to call. In our view, the new Ultrabook price points need to come down and utility needs to improve. While Intel is making some progress in mobile, the business has become more unprofitable. The company's efforts in foundry will likely remain immaterial for the next several years. This leaves the company circling the drain with no clear direction.” Shares of Intel closed at $21.26 on Monday.