Intel price target lowered to $33 from $45 at Truist

Truist lowered the firm’s price target on Intel to $33 from $45 and keeps a Hold rating on the shares. The firm is noting the company’s disappointing Q2 guidance on sales, gross margins and earnings, stating that while the long-term story of eventual product and process superiority and the ramping profitability of a foundry business are tempting to turn constructive, Intel’s X86 market is challenged by the massive capex shift to accelerated compute, the analyst tells investors in a research note.