Intel Earnings ‘Astonishingly Bad’
In a memo to clients, analyst Stacy Rasgon at brokerage Bernstein got straight to the point:
“We have written the phrase ‘Worst earnings report in our history of covering this company’ on more than one occasion over the last couple of years,” he wrote, per MarketWatch. “But this time we REALLY mean it …”
Rasgon chopped his price target from $23 to $20 and maintained Bernstein’s underperform rating. He further called Intel’s first-quarter outlook “astonishingly bad even vs. low expectations, with revenues and gross margins collapsing.”
He added, “We keep asking ourselves when things will be as bad as they can get for Intel. And we keep getting surprised.”
Tags:
