Intel guidance comments positive development, says Citi

Citi analyst Christopher Danely keeps a Neutral rating on Intel (INTC) with a $34 price target the company stated it is trending above the midpoint of its Q3 revenue guidance and received a prepayment for its foundry business on the upcoming technology node, 18A. While this is “clearly a positive development,” Intel should still exit the Foundry business where it has “little chance of succeeding for a variety of reasons,” the analyst tells investors in a research note. The firm also believes both Intel’s and AMD‘s (AMD) data center business are in danger of missing second half of 2023 targets given shifting revenue to Nvidia (NVDA).