Intel Corp. (NASDAQ: INTC) reported second-quarter financial results after the markets closed on Wednesday. This company is far and away a leader in the tech sector. However, investors did not initially have a favorable reaction to these earnings, despite their being more or less in line. Still, analysts poured into the stock, giving their two cents on the report.
24/7 Wall St. included highlights from the earnings report, as well as what analysts were saying about the stock after the fact.
Intel said that it had $0.59 in EPS on $13.5 billion in revenue for the quarter. Consensus estimates from Thomson Reuters had called for EPS of $0.53 and $13.54 billion in revenue. In the same period of last year, it posted $0.55 in EPS on revenue of $13.2 billion.
In terms of guidance for the third quarter, Intel expects to have a gross margin of 62% on revenues of $14.9 billion, versus consensus estimates of $0.64 in EPS on $14.63 billion in revenue.
After Intel reported earnings, analysts responded as follows:
- B. Riley has a Buy rating and raised its price target to $42.
- Bernstein raised its price target to $31 from $30.
- Goldman Sachs has a Neutral rating and raised its target to $34 from $33.
- Mizuho has a Buy rating and raised its price target to $38.
- Pacific Crest has an Overweight rating and raised its target from $37 to $38.
- BNP Paribas has a Neutral rating with a $37 price target.
- Oppenheimer reiterated a Market Perform rating.
- Morgan Stanley reiterated an Underweight rating with a $31 price target.
- MKM Partners has a Buy rating with a $40 price target.
- Deutsche reiterated a Buy rating, also with a $40 price target.
- Credit Suisse reiterated an Outperform rating with a $40 price target.
Shares of Intel closed most recently at $34.66. The stock has a consensus analyst price target of $37.02 and a 52-week trading range of $24.87 to $35.93.