Wolfe Research raised the firm’s price target on Intel to $31 from $27 and keeps an Underperform rating on the shares. The company beat on revenue, gross margin, and earnings in Q2 but its prospects for cash generation “remain bleak” in 2024, the analyst tells investors in a research note. The firm says cyclical improvement isn’t likely to drive any significant cash flow in 2024, given Intel’s elevated capex and startup costs as it pursues its manufacturing strategy.
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