Intel (INTC) PT Raised to $62 at Needham & Company

Needham & Company raised its price target on Intel (NASDAQ: INTC) to $62.00 (from $50.00) while maintaining a Buy rating.

Analyst N. Quinn Bolton commented, "Intel reported strong beat and raise results. Driven by the ramp of the Xeon Scalable platform (Purley), DGC revenue increased 24% Y/Y with growth across all segments. Management now expects DCG to grow by a high-teens percentage in 2018, but expects a deceleration in 2H18 as lapping the Purley launch creates tougher comps. Total Data-centric revenue (including Mobileye) grew 25% Y/Y in 1Q18, while the PC-centric CCG segment grew ~3% Y/Y despite the declining PC market. Reflecting Data-centric strength, Intel raised 2018 guidance across all metrics except GM due to a higher mix of lower margin modem and memory products and costs associated with 10nm yield issues. With the Data-centric business driving revenue and margin upside, we increase our PT to $62, based on 15x our expected 2019 NG EPS, and reiterate our Buy rating."

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