Truist Reiterates Hold on Intel, $21 Price Target

Truist Securities analyst William Stein reiterated a Hold rating and $21 price target on Intel (NASDAQ: INTC).

“Intel’s Foundry Direct Connect offered some glimpses of CEO Lip-Bu Tan’s strategy – and it looks similar to his predecessor’s.

Building Intel’s manufacturing and foundry capabilities remain a sharp focus.

In our latest note on INTC, we assert that CEO Lip Bu Tan’s recent hires suggest that INTC’s longer-term aspirations are to look more like AVGO’s ASIC business.

INTC’s Q2 revenue guidance range was wider than typical owing to the volatility caused by tariffs.

Investors who consider tariff volatility to be largely behind us should interpret this as a constructive set-up for INTC. We remain concerned that tariff related pull-ins may dent near term demand.

INTC’s restructuring and layoffs continue to get attention, with press continuing to focus on the number and portion of employees being terminated.

We believe INTC’s approach is to reduce the number of management layers, simplifying the company’s organizational complexity.

Near-term catalysts: We expect the next significant catalyst for INTC will be earnings on 7/24. We believe expectations are muted.

We see earnings as more likely positive than negative catalyst, but our conviction on this matter is low.”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.