Intel price target lowered to $35 from $42 at Bernstein

Bernstein lowered the firm’s price target on Intel to $35 from $42 and keeps a Market Perform rating on the shares. Intel’s Q1 results were “OK” on the surface, but the Q2 outlook again disappointed, and while the firm would like to believe the bottom is in, “but we have lost count of the times we have heard it,” the analyst tells investors in a research note. The near term remains extremely challenged, Bernstein argues, and while they are doing everything they can to try to repair things, it is clear that the company is profoundly broken, and it will take years to see the fruits of their labor.