Intel price target raised to $40 from $36 at Needham

Needham raised the firm’s price target on Intel to $40 from $36 and keeps a Buy rating on the shares. The company’s Q2 earnings beat and guidance raise reflects PC client inventory that is largely cleaned out, with Intel now shipping to end demand, the analyst tells investors in a research note. Gross margin dynamics are also positive near-term, and the company should see strong operating leverage in the second half of FY24, the firm adds.