Investing
Citi expects Intel to beat Q2 guidance
© Reuters. Citi expects Intel (INTC) to beat Q2 guidance
Citi analysts reiterated a Neutral rating and a $29.50 per share price target on Intel (NASDAQ:) shares ahead of the Q2 earnings season.
According to the latest data, June notebook shipments were up 13% month-over-month, which the analysts say is “well above expectations”. The June outperformance was driven by strong demand and new product launches.
“We would note this is the fifth out of six months that notebook shipments have been above expectations. As a result, 2Q23 notebook shipments were up 16% QoQ, above our expectation of 10% QoQ…our notebook analyst, expects 3Q23 notebook shipments to grow by 6% QoQ, roughly in line with seasonality, given the lack of clear signs of sustainable demand,” the analysts said in a client note.
They believe that this notebook strength should allow Intel to top the high end of its 2Q23 guidance.
“We reiterate our Neutral rating on Intel given secular headwinds and we remain below the consensus,” they concluded.
Intel is due to report its Q2 results on July 27.
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