Intel price target lowered to $23 from $26 at JPMorgan

JPMorgan analyst Harlan Sur lowered the firm’s price target on Intel (INTC) to $23 from $26 and keeps an Underweight rating on the shares. The company reported solid December quarter results but the positive demand momentum did not carry into the March quarter, the analyst tells investors in a research note. The firm says Intel guided revenue down 14% quarter-over-quarter, well below consensus, which reflected a seasonally softer period amplified by macro uncertainty, PC inventory digestion, prior quarter demand pull-forward, and increasing competition.. It believes Intel “continues to navigate through a challenging period as it right-sizes the company while continuing to move forward with its technology/manufacturing product roadmaps.”