UPDATE: Macquarie Downgrades Intel as Expectations Need to Reset

In a report published Friday, Macquarie Capital analyst Deepon Nag downgraded the rating on Intel Corporation INTC from Buy to Neutral, and lowered the price target from $25.00 to $22.00. In the report, Macquarie Capital noted, “Intel has some of the most valuable assets in the semiconductor industry, including world-class manufacturing technology, a dominant position in enterprise and data centers and massive scale. While we believe the company's new strategy of attacking a number of end markets by leveraging its manufacturing advantage is the correct one, we believe that near term pressure in the core PC market will lead to downward estimate revisions. As a result, we are downgrading Intel stock to Neutral.” Intel Corporation closed on Thursday at $23.10.