Intel price target lowered to $34 from $39 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Intel to $34 from $39 and keeps a Sell rating on the shares. The company’s Q2 was guided well below the Street as the recovery in traditional server demand that was expected to materialize has now been pushed out to the second half of the year due to continued prioritization of artificial intelligence infrastructure spending by cloud and enterprise customers, the analyst tells investors in a research note. Goldman worries Intel will continue to cede wallet share within the overall data center compute market to the likes of Nvidia and Arm.