Bernstein Reiterates Market Perform on Intel, $25 Price Target

Bernstein SocGen Group analyst Stacy Rasgon reiterated a Market Perform rating and $25 price target on Intel (NASDAQ: INTC).

“More of an apology than a keynote…Yesterday new Intel CEO Lip-Bu Tan delivered the opening keynote for the company’s Vision 2025 event.

The event was likely lighter on details than some might have hoped, and while Lip Bu gave some high-level views on his initial priorities and goals there were few specifics, no product/customer announcements, no foundry disclosures, and nothing really material around concrete actions they will be taking (frankly it sounded more like an apology than anything else).But “underpromise & overdeliver” makes sense…To be fair to Lip-Bu, he has been in the role for only 2 weeks, so hoping for more concrete actions was likely unreasonable at this point anyway, and at least he clearly does not suffer from the almost delusional optimism that torpedoed his predecessor.

Underpromise and overdeliver sounds like a much better way to handle things for now.But Lip-Bu has at least gone into this eyes-open, and seems committed to see it through for as long as it takes.

Time will tell if investors feel the same way. We rate Intel MarketPerform with a $25 PT.”

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