Intel price target lowered to $23 from $25 at Morgan Stanley

Morgan Stanley analyst Joseph Moore lowered the firm’s price target on Intel (INTC) to $23 from $25 and keeps an Equal Weight rating on the shares. The March quarter was “good” and while June quarter guidance was weak, that was driven by an awareness of tariff uncertainty, which is “probably a good thing” as “conservatism should be welcome,” the analyst tells investors. However, the messaging around the CEO change suggests that “the path here is a long and challenging turnaround” and product issues were slightly negative, as shortages of Intel 7 and assessments of the server roadmap raise questions, the analyst added.