JPMorgan lowered the firm’s price target on Intel (INTC) to $20 from $23 and keeps an Underweight rating on the shares. The company’s March quarter results exceeded expectations, reflecting a pull-forward in demand ahead of potential tariffs and trade related dynamics, the analyst tells investors in a research note. The firm says Intel guided well below consensus for the June quarter. Further, management believes their prior PC and server growth outlooks are at risk, notes JPMorgan. The firm cut estimates again for Intel.
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