Intel resumed with a Hold at Deutsche Bank

Deutsche Bank resumed coverage of Intel (INTC) with a Hold rating and $23 price target The firm has confidence in new CEO Lip-Bu Tan’s ability to formulate a transformation strategy that can reaccelerate “profitable and sustainable growth,” but says the execution of this strategy and eventual achievement “will likely be challenging and time consuming.” The analyst expects macro uncertainties and company-specific headwinds from elevated manufacturing costs and lack of leadership products to continue weighing on Intel’s revenue and profitability.