| | | Analyst Actions: Intel Receives Higher Price Targets From Morgan Stanley, RBC, Wedbush After Fiscal Q4 Beat, Upbeat Q1 View
MT NEWSWIRES 9:27 AM ET 1/24/2020
Symbol Last Price Change | INTC | 63.32 | 0 (0%) | | QUOTES AS OF 04:00:00 PM ET 01/23/2020 |
09:27 AM EST, 01/24/2020 (MT Newswires) -- Intel(INTC) received increases to its price targets from Morgan Stanley, RBC Capital Markets and Wedbush after the computer, networking and data-storage company reported fiscal Q4 results above analysts' expectations late Thursday and issued upbeat guidance for the current quarter and year.
Morgan Stanley's new price target on Intel's(INTC) stock is $71 per share, up from $66, while the firm kept its investment rating on the stock at overweight.
RBC and Wedbush are more bearish on the stock but still raised their price targets on it. RBC's new price target for Intel(INTC) is $56 per share, up from $48, while Wedbush's new target for the stock is $52.50, up from $46. Both firms rate the stock at underperform.
Intel's (INTC) shares closed Thursday's session at $63.32 and rose 5% to $66.56 in recent Friday pre-market trading.
In a note to clients, Morgan Stanley said "after 4Q results, we feel better about the setup for the rest of the year." The firm noted its had expected strong cloud results but a 13% quarter-over-quarter jump in data-center revenue "derisks the outlook for 2020."
RBC also highlighted the improving data-center demand but said "we think Intel(INTC) is benefiting from an improving macroeconomic climate versus company-specific improvements at this time." The firm now expects beats and raises from competitors Advanced Micro Devices (AMD) and NVIDIA (NVDA).
Wedbush, meanwhile, said "INTC is likely to see its momentum challenged by both AMD share gains and slowing in end-markets through the end of 2020."
After Thursday's close, Intel(INTC) said its fiscal Q4 ended Dec. 28 had adjusted earnings per share of $1.52, up from $1.28 a year earlier, and well above analysts' mean estimate according to Capital IQ of $1.25. Revenue totaled $20.21 billion, up from $18.66 billion for the year-earlier period, and higher than analysts' mean estimate of $19.23 billion.
For its fiscal Q1, the company said it anticipates adjusted EPS of $1.30 on revenue of about $19 billion. Analysts' mean estimates heading into the guidance had been at $1.04 and $17.19 billion, respectively.
For the fiscal year, the company said it expects adjusted EPS of $5.00 on revenue of $73.5 billion, above analysts' mean estimates at the time for $4.65 and $72.15 billion.
Price: 63.32, Change: +0.59, Percent Change: +0.94 |
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