Intel price target lowered to $35 from $37 at HSBC

HSBC analyst Frank Lee lowered the firm’s price target on Intel to $35 from $37 and keeps a Hold rating on the shares. The company’s Q1 margin beat and is a potential trough but it still offered weaker than expected guidance for Q2, the analyst tells investors in a research note. The firm says the magnitude of the second half of 2024 recovery is still uncertain as foundry losses are expected to increase.