Intel initiated with a Sell at Seaport Research

Seaport Research analyst Jay Goldberg initiated coverage of Intel (INTC) with a Sell rating and $18 price target. Intel lost its manufacturing edge years ago, and this has caused its products to struggle against competitors’ as the company is losing share in PCs to AMD (AMD) and losing share in data center CPU to AMD and internal semis, the analyst tells investors. The company has “no AI strategy” and has seen massive data center spend shifted to Nvidia (NVDA), adds the analyst, who sees Intel “fighting to survive.”