Citi Has Buy On Intel After Earnings

Citi Investment Research is out with a research report on Intel INTC after it reported earnings last night. It has a Buy rating and a $26 price target on shares. In a note to clients, Citi Investment Research writes, "We expect Intel's shares to drift lower NT reflecting investor skepticism over their seasonal guidance. And while we are not ignorant to macro concerns and a generally weak PC environment, when considering strength in data center, embedded, and emerging markets, we actually believe Intel's guidance may indeed be achievable. We suspect that when PC data points trend more positively (as they tend to do seasonally in August), and investors gain confidence in this assertion, INTC shares will appreciate. When considering that rising GM, inflecting y/y PC unit growth, and a high dividend yield ought to limit downside, we see an enhanced buying opportunity in INTC on NT weakness." Shares of INTC are down 44 cents in pre-market trading to $22.55, a loss of 1.9%.