Intel's latest earnings — and the market's reaction to them — are a study in relativity.
The chip company’s second-quarter results, put out Thursday afternoon, were “quite strong at least relative to expectations,” according to Bernstein analyst Stacy Rasgon, who called out better-than-anticipated performance of the data-center and client-computer businesses. Yet, simultaneously, he saw Intel’s INTC earnings as “objectively bad with continued near-term data-center headwinds, key businesses still losing money, and $3... Intel Corp.
He lifted his price target on the stock to $34 from $32 in his most recent note, while saying that the company still has “an awful lot of wood to chop.” “We acknowledge that INTC’s execution has improved significantly in the last two quarters,” Stein added, but said the company could face a “lasting problem” stemming from a shift in spending toward high-end artificial-intelligence systems and competitive risks from Nvidia Corp. NVDA .He has a hold rating on Intel shares but boosted his price target to $37 from $32.
Intel’s results and commentary suggested to C.J. Muse of Evercore ISI that management is “clearly executing to its plan,” something that he said is “frankly is a breath of fresh air from Intel.”
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