Susquehanna expects Intel to post a modest beat-and-raise
Susquehanna expects Intel (INTC) to post a modest beat and raise
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The Intel (NASDAQ:INTC) price target was raised to $35 from $33 per share at Susquehanna on Wednesday, with analysts maintaining a Neutral rating on the stock.
The analysts told investors in earnings preview that improving dynamics in PC may lead to a modest beat for Intel. The company will report 2Q earnings on Thursday, July 27.
“In line with their preannouncement, we expect results to be in the top half of the range and guidance to be slightly better than the Street, driven by improving dynamics in Client/Chromebooks,” said the analysts.
“ODM builds have been improving in both May and June, and we expect further sell-through improvement into 3Q, helped in part by inventory dynamics (slowing PC inventory burn rate) and pull-ins for Chromebooks in front of a licensing hike. Beyond 3Q, we believe Intel is now shipping to true end demand again.”
The analysts also mentioned that 2Q PC-SIGnals data suggests Intel may have gained some desktop and laptop share, given a more competitive lineup.
“We expect Intel to post a modest beat and raise, but the longer-term sustainability of this momentum has yet to be determined,” the analysts concluded.
