Intel price target lowered to $29 from $33 at Truist

Truist analyst William Stein lowered the firm’s price target on Intel to $29 from $33 and keeps a Hold rating on the shares. The company’s Q4 results were "weak" and its Q1 outlook was "much worse", the analyst tells investors in a research note. The firm cites Intel’s "under the hood" claims of ramping customers in the Intel Foundry Services segment and cost cuts as being "constructive", but also warns that negative cash flows and encroaching competition from new entrants create dividend and structural risks.