Intel price target raised to $45 from $38 at TD Cowen

TD Cowen raised the firm’s price target on Intel (INTC) to $45 from $38 and keeps a Market Perform rating on the shares. The firm expects a bit of upside to 4Q23 driven by Client and modestly better DCAI sales. However, into 1Q24, they lowered estimates given a sizable guide-down at Mobileye (MBLY) and server seasonality.