Intel’s dividend cut ‘not terribly surprising,’ says Truist

Truist analyst William Stein maintained a Hold rating and $29 price target on Intel after the company cut its dividend by 66%. The firm says the dividend cut was "not terribly surprising" given the changes swirling around the company, but notes that management re-affirmed its Q1 guidance and noted its channel partners’ inventory burn plans are progressing, though that is not enough for Truist to turn constructive on the stock, the analyst tells investors in a research note.