Intel price target lowered to $34 from $45 at Stifel

Stifel analyst Ruben Roy lowered the firm’s price target on Intel to $34 from $45 and keeps a Hold rating on the shares after the company confirmed that the U.S. Commerce Department has revoked certain licenses for exports of client-side CPUs to Huawei. Intel maintained its Q2 revenue outlook range, but now expects revenue below the midpoint of that range, notes the analyst, who is “modestly lowering” the firm’s 2024 estimates.