Intel Corp. (NASDAQ: INTC) now has something in common with oil — both traded under $30.00 on Friday. The actual Intel earnings report was good on the surface. Beating earnings and revenues and guiding for growth sounded good, but the investing community is growing more concerned over the data center group revenues ahead. Then there is the ongoing pesky PC declining units that keep persisting.
With shares having been down about 10% to as low as $29.50 on Friday, 24/7 Wall St. wanted to see how the analyst community really views Intel in 2016 and beyond.
Before we get on to the analyst calls individually, Intel has its place in the market that needs to be considered. When we calculated a downside for the Dow Jones Industrial Average of 15,076 this past week, the reality is that this negative reading was in part driven by the most bearish analyst price target of $27.00 for Intel.
Another consideration is that Intel was already among the worst Dow stocks so far in 2016 ahead of earnings. At $29.75 after the earnings report, Intel shares were down a whopping 13.6% from the 2015 year-end close of $34.45.
It turns out that the analysts who were positive on Intel mostly stayed positive on Intel’s formal ratings.
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