Intel price target lowered to $36 from $40 at Evercore ISI

Evercore ISI lowered the firm’s price target on Intel to $36 from $40 and keeps an In Line rating on the shares following what the firm calls “a 1Q24 Beat/Miss print.” However, the firm says Intel is “one of only three companies in the world that can manufacture leading edge transistors” and it sees high potential for Intel to take share if it executes given how the geopolitical climate has changed over the past three years. If Intel gets its foundry strategy right, there is “a blue-sky scenario where it could capture 2x-to-3x more than the 15% share of the leading edge foundry market it is targeting by 2030,” the analyst added.