Intel initiated with a Neutral at DA Davidson

DA Davidson initiated coverage of Intel (INTC) with a Neutral rating and $45 price target The firm says Intel is attempting “one of the hardest resets in semiconductor history” by rebuilding its leading-edge process capability while trying to convince customers to trust it as a third-party foundry. DA sees “real developments” across the business, but believes Intel remains the “ultimate show me” story. The stock is reflecting assumptions that are “too optimistic,” the analyst tells investors in a research note.