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

JPMorgan analyst Harlan Sur lowered the firm’s price target on Intel to $35 from $37 and keeps an Underweight rating on the shares. The company reported in-line March quarter sales which largely reflected seasonal weakness in its core business and inventory correction in its noncore business, the analyst tells investors in a research note. However, the firm says Intel guided well below expectations on ongoing soft demand in its PC and data center businesses.