Intel price target raised to $35 from $32 at Jefferies

Jefferies analyst Mark Lipacis raised the firm’s price target on Intel to $35 from $32 and keeps a Hold rating on the shares following the company’s webinar. The firm likes that management conceded that its previous operating model lacked accountability and cost controls and is providing a structure to introduce both through P&L responsibility for each BU and manufacturing organization, but notes that “the jury is out” on whether Intel can execute, the analyst tells investors in a research note.