Intel price target lowered to $32 from $34 at Baird

Baird analyst Tristan Gerra lowered the firm’s price target on Intel to $32 from $34 and keeps a Neutral rating on the shares. The analyst said the intensification of the inventory correction across segments and low overall visibility led Intel to not provide a full-year guidance. The firm said while 1Q could potentially represent a trough, lingering macro weakness and lack of competitive products in servers keep us on the sidelines.