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Intel: Wedbush no longer on 'underperform'

( - Wedbush raises its rating on Intel from 'underperform' to 'neutral' with a target price upped from 20 to 30 dollars, no longer seeing a near-term catalyst that could push revenue and profits under recent results.

“We also struggle to see Intel sales downticking from CQ1/CQ2 levels as markets (particularly enterprise) invariably rebound (in our view at least modestly in the 2H, with a more pronounced pickup into 2024)”, explains the broker.

“In turn, improved market demand should lead to natural improvement in GMs (and cash flow) as loading improves, inventories work down, etc.” it adds.

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