Intel price target lowered to $26 from $31 at Cowen

Cowen analyst Matthew Ramsay lowered the firm’s price target on Intel to $26 from $31 and keeps a Market Perform rating on the shares. The analyst said the first half of 2023 should be the bottom, but how quickly and to what extent the business and P&L recover given competitive pressures and necessary investments for the turnaround will be the question.