Stifel Hikes Intel Price Target to $120

Stifel analyst Ruben Roy raised the price target on Intel (NASDAQ: INTC) to $120 (from $75) and reiterated a Hold rating.

“We see an in-line-to-modest-beat setup with the risk skewed to longer-term commentary on CPUs and GPUs, relative to the currently elevated expectations.

We expect the stock to move more on end-demand comments (ASPs and volumes) tied to server CPUs and to supply-side comments (yields and volumes) on the GPU side of the business, which is also what is needed to drive Foundry improvement.

Given the turnaround in motion, we expect margins and earnings to hold less downside pressure over the next few quarters (i.e. longer-term story matters more).”

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