Cantor Fitzgerald Affirms Neutral on Intel, $26 Price Target

Cantor Fitzgerald analyst C.J.

Muse reiterated a Neutral rating and $26 price target on Intel (NASDAQ: INTC).

“Intel offered a mixed report with revenues better than consensus for both the June and Sep Q’s ($12.9B/$13.1B vs cons $12.0B/$12.6B) while EPS came in lower (-$0.10/$0.00 vs cons $0.02/$0.04) led by worse than expected Gross Margins.

Here, we highlight ~800bps headwind in the June Q (29.7% vs cons 36.1%) related to semi equipment write-downs while Sep Q margins (36.0% vs. cons 36.7%) are weighed down by the early ramp of Panther Lake and anticipated increased costs associated with tariffs.

Moving back to the topline, mgmt highlighted likely tariff-related benefits driving upside to the 2Q results across both CCG and DCAI, with 3Q revenues only guided +1.5% Q/Q vs. normal seasonality of +HSD% (and overall vision for sub-seasonal outlook for all of 2HCY25).

Our sense is the guide was likely conservative, though we expect more limited leverage to the bottom line given likely ongoing gross margin pressure.”

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