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Intel Corp INTC Stock Quote

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With Less Conviction on Its Turnaround Strategy, We're Downgrading Intel’s Moat to Narrow

Abhinav Davuluri, CFA Sector Strategist

Analyst Note

| Abhinav Davuluri, CFA |

We are lowering our moat rating for Intel to narrow from wide, as we are no longer certain that the firm can generate excess returns on capital over the next few years. In concert with our moat rating downgrade, we are lowering our fair value estimate for Intel to $50 per share from $56 per share, as we reduce the time frame we expect Intel to generate excess returns on invested capital with certainty. Our moat downgrade concedes that Intel’s recent financial performance and execution was worse than our prior expectations. However, our outlook for Intel has not materially changed, as we remain positive on Intel’s IDM 2.0 strategy to get its manufacturing back on track (which will support more competitive products). We still view shares as undervalued for long-term, patient investors but acknowledge that the next several quarters will be highly tumultuous for the firm.

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Key Statistics INTC

Company Profile INTC

Business Description

Intel is the world's largest logic chipmaker. It designs and manufactures microprocessors for the global personal computer and data center markets. Intel pioneered the x86 architecture for microprocessors. It was the prime proponent of Moore's law for advances in semiconductor manufacturing, though the firm has recently faced manufacturing delays. While Intel's server processor business has benefited from the shift to the cloud, the firm has also been expanding into new adjacencies as the personal computer market has stagnated. These include areas such as the Internet of Things, artificial intelligence, and automotive. Intel has been active on the merger and acquisitions front, acquiring Altera, Mobileye, and Habana Labs in order to bolster these efforts in non-PC arenas.

2200 Mission College Boulevard
Santa Clara, CA, 95054-1549
T +1 408 765-8080
Industry Semiconductors
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 25, 2022
Stock Type Cyclical
Employees 121,100

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