Yahoo Finance Intel Falls As Atlantic Downgrades, Cutting Target By Almost A Third
By Dhirendra Tripathi Investing.com – Intel (NASDAQ:INTC) fell more than 2% in Monday's trade following a downgrade by Atlantic Equities, which now has a price target of $43 for the stock. Before his downgrade to underweight from neutral, Ianjit Bhatti had a target of $63 for Intel shares. The new target is 31.7% lower and still almost 24% lower from the stock's current level of $56.45. ". . .we do not believe IDM 2.0 provides an answer to market share losses to AMD. In addition, Q1 results reflected accelerating CPU market share declines, with cost competition from Intel not having been effective to date and its customer relationships no longer a barrier to adoption," Bhatti wrote in his note. IDM 2.0 refers to a major evolution of Intel’s integrated device manufacturing model, a powerful combination of the company's internal factory network, third-party capacity and new Intel foundry services. Intel is investing $20 billion in setting up two plants in Arizona and has plans for new research collaboration with IBM (NYSE:IBM).
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