Bernstein lowered the firm’s price target on Intel (INTC) to $21 from $25 and keeps a Market Perform rating on the shares ahead of quarterly results. The firm is also adjusting estimates, putting in a bit of client-related upside in the first half of the year to reflect potential for pull-forward/channel fill in the wake of tariff dynamics, but now followed by a second half of the year channel flush. For the full year 2025, Bernstein now models $52.4B/37c, down from $53.1B/43c prior, and below consensus at $53.3B/47c.
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