Intel price target lowered to $40 from $45 at Cantor Fitzgerald

Cantor Fitzgerald lowered the firm’s price target on Intel to $40 from $45 and keeps a Neutral rating on the shares. Intel’s report was not “ideal,” and 1H24 trends are coming in worse than expected on broad-based weakness, resulting in a miss on the Q2 guidance, the analyst tells investors in a research note. The good news is that management reiterated its view for year over year growth in calendar 2024, implying a meaningful inflection in the back half of the year, the firm says. While Cantor continues to pull for Intel as the National Champion, the firm remains on the sidelines awaiting greater conviction on the reclaiming of market leadership across the company’s various offerings.