Intel price target lowered to $38 from $43 at Wells Fargo

Wells Fargo analyst Aaron Rakers lowered the firm’s price target on Intel to $38 from $43 and keeps an Equal Weight rating on the shares. The firm views the negative reaction as justified given incremental demand weakness in 1H and gross margin volatility, the analyst tells investors in a research note. The firm expects push-back to focus on “this is the bottom” with a second half acceleration across all segments.