Intel Corp

INTC: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Intel Earnings: Cutting Fair Value Estimate to $21 from $30 Amid Ugly News and Many Concerns

Brian Colello

Aug 2, 2024

No-moat Intel reported disappointing second-quarter results while providing investors with a gloomy third-quarter forecast, suspending its dividend, and outlining a hefty cost-cutting program considering softer demand. Intel’s stock fell as much as 20% afterhours, and we think the severe negative reaction was justified. We have cut our fair value estimate to $21 from $30 and do not see the selloff as a buying opportunity, as we are concerned about Intel’s competitive positioning. Even though Intel is doing the proper work to focus on leading-edge chip manufacturing, it appears that many of its customers in various end markets might be leaving Intel behind.

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Intel Corp

Intel Earnings: Cutting Fair Value Estimate to $21 from $30 Amid Ugly News and Many Concerns

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