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Highlights From Intel's Investor Meeting With Wedbush In Silicon Valley

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In a report published Thursday, Wedbush analyst Betsy Van Hees maintained an Outperform rating on Intel Corporation (NASDAQ: INTC), with a price target of $37, following a meeting with the company's Director of IR Trey Campbell.

Campbell indicated that Intel was poised to benefit in 3Q from the launch of Win10 and seasonal uplift, new product opportunities with pending acquisition of Altera Corporation (NASDAQ: ALTR) and being on track with a reduction in mobile losses by $800MM.

"INTC believes this year that PC demand is more correlated to the upcoming Windows 10 launch at the end of July than the release of next-gen Skylake. INTC noted the typical inventory builds in Q2 for back-to-school didn't materialize, but expects the inventory builds to fall into Q3 as customers drain Windows 8 inventory and then builds Windows 10 inventory once released ahead of back-to-school," analyst Betsy Van Hees wrote.

Intel expects the Altera acquisition to enable "new classes of high customizable and integrated solutions combining ALTR's FPGA solutions with INTC's processors targeting the data center and Internet of Things (IoT) markets," the report said. Intel also indicates that it was on track to reduce Mobile operating income by $800MM this year, albeit the improvements would be in 2H.

"We believe Intel is a very attractive story now versus where the company was a year ago and recommend investors use recent weakness to buy the stock," Hees added.

Latest Ratings for INTC

DateFirmActionFromTo
Aug 2019UpgradesUnderperformMarket Perform
Aug 2019Initiates Coverage OnHold
Jul 2019MaintainsOutperform

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Posted-In: WedbushAnalyst Color Reiteration Analyst Ratings

 

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