Intel Analysts Boost Their Forecasts Following Upbeat Q2 Results

Intel Corporation INTC reported better-than-expected results for its second quarter and issued strong guidance.

Intel reported second-quarter revenue of $12.9 billion, which was down 15% year-over-year. The revenue came in ahead of a Street consensus estimate of $10.97 billion. Earnings per share of 13 cents beat a Street consensus estimate of a loss of 3 cents per share.

The company sees third quarter revenue in a range of $12.9 billion to $13.9 billion, which is in-line with a Street estimate of $13.23 billion. The company sees third-quarter earnings per share hitting 20 cents, compared to a Street estimate of 16 cents per share.

Intel shares gained 6.3% to $36.75 in pre-market trading.

These analysts made changes to their price targets on Intel following earnings announcement.

• Deutsche Bank boosted the price target on Intel from $32 to $38. Deutsche Bank analyst Ross Seymore maintained a Hold rating.
• Wolfe Research increased the price target on Intel from $27 to $31. Wolfe Research analyst Chris Caso maintained an Underperform rating.
• Barclays raised Intel price target from $30 to $32. Barclays analyst Blayne Curtis maintained an Equal-Weight rating.
• Needham raised Intel price target from $36 to $40. Needham analyst Quinn Bolton maintained the stock with a Buy rating.
• JP Morgan raised Intel price target from $30 to $35. JP Morgan analyst Harlan Sur maintained the stock with an Underweight rating.

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