'That was indeed something,' Cowen analyst Matthew D. Ramsay wrote in a client note. 'Somehow… It was much worse than feared.'
Intel's dismal fourth-quarter earnings and poor outlook have analysts extremely bearish on the stock, as they were surprised at the magnitude of the weakness in the quarter and expect the chip maker's difficulties to continue in 2023. Simply put: "That was indeed something," Cowen analyst Matthew Ramsay wrote in a client note. "Somehow… It was much worse than feared.
Goldman predicts 20% downside in stock, reiterates sell rating. JPMorgan cuts price target to $28 from $32, reiterates underweight rating. Mizuho cuts price target to $29 from $32, reiterates neutral rating. Rosenblatt cuts price target to $17 from $20, maintains sell rating. Baird cut price target to $32 from $34, maintained neutral rating. Wells Fargo cuts price target to $26 from $32, reiterates equal weight rating. Barclays cuts price target to $27 from $30, keeps equal weight rating.
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