Citi downgraded Intel (INTC) to Sell from Neutral with a price target of $29, up from $24. The stock has rallied 50% with the Nvidia (NVDA) deal having investors expect that a foundry deal is upcoming, the analyst tells investors in a research note. Citi disagrees. It believes Intel shares now price in success in its foundry business, which has a minimal chance of succeeding. The firm cites valuation for the downgrade to Sell.
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