Intel price target lowered to $48 from $50 at RBC Capital

RBC Capital analyst Srini Pajjuri lowered the firm’s price target on Intel (INTC) to $48 from $50 and keeps a Sector Perform rating on the shares. The company’s Q4 results were better while its Q1 outlook was weaker, though the management blamed supply constraints and sees above-seasonal growth through the rest of the year as supply improves, the analyst tells investors in a research note. Intel management also sounded optimistic about Foundry progress and commentary points to a potential 14A customer announcement in the second half of the year, the firm added.