Analyst Joseph Moore of Morgan Stanley maintained a Hold rating on Intel, retaining the price target of $23.00.
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Joseph Moore has given his Hold rating due to a combination of factors that highlight the challenges Intel faces in its turnaround efforts. The primary concern is Intel’s microprocessor roadmap, which requires significant improvement without any quick fixes. Moore expresses skepticism about Intel’s foundry strategy, noting that the company has struggled with this approach over multiple decades. If Intel continues to lose market share in its core microprocessor business, it will be difficult to justify the investment needed for advanced process technology.
Additionally, Moore points out that Intel’s success with advanced process nodes will likely first appear in microprocessors, where the company still holds a majority share despite past missteps. However, potential foundry customers are evaluating the limitations of Intel’s products, particularly those built on the Intel 4 node. The fact that Intel is sold out on older nodes like Intel 7 and Intel 10, which are considered better value, suggests challenges in their current offerings. Overall, while Moore is favorable on management’s approach, the market’s desire for a quick solution may not align with the reality of Intel’s situation.
Moore covers the Technology sector, focusing on stocks such as Intel, Nvidia, and Advanced Micro Devices. According to TipRanks, Moore has an average return of 13.5% and a 59.50% success rate on recommended stocks.