Today's noteworthy downgrades include: Altera (ALTR) downgraded to Market Perform from Outperform at Raymond James... Centamin (CELTF) downgraded to Sector Perform from Outperform at RBC Capital... Ctrip.com (CTRP) downgraded on compeition concerns at Stifel... Equinix (EQIX) downgraded to Neutral from Buy at Citi... Farmers Capital Bank (FFKT) downgraded to Market Perform at Raymond James... ITC Holdings (ITC) downgraded to Neutral from Buy at UBS... Intel (INTC) downgraded to Market Perform from Outperform at BMO Capital... Iron Mountain (IRM) downgraded to Underperform from Hold at Jefferies... Lundin Mining (LUNMF) downgraded to Neutral from Buy at Goldman... OM Group (OMG) downgraded to Hold from Buy at BB&T... Qunar (QUNR) downgraded to Hold from Buy at Summit Research... Scor SE (SCRYY) downgraded to Sector Perform from Outperform at RBC Capital.

Roth MKM lowered the firm's price target on Intel to $35 from $45 and keeps a Neutral rating on the shares. The company's Q1 revenue exceeded estimates but its guidance was slightly below consensus growth at the midpoint, with revenue outlook reflecting significant non- core segment inventory digestion and worse than seasonal core segment declines, the analyst tells investors in a research note. Intel is poised to recover competitive product position and in-house manufacturing advantage over the next several quarters, but the financial benefit is expected to be measured in the near-term, the firm added.

Evercore ISI lowered the firm's price target on Intel to $36 from $40 and keeps an In Line rating on the shares following what the firm calls "a 1Q24 Beat/Miss print." However, the firm says Intel is "one of only three companies in the world that can manufacture leading edge transistors" and it sees high potential for Intel to take share if it executes given how the geopolitical climate has changed over the past three years. If Intel gets its foundry strategy right, there is "a blue-sky scenario where it could capture 2x-to-3x more than the 15% share of the leading edge foundry market it is targeting by 2030," the analyst added.

Cantor Fitzgerald lowered the firm's price target on Intel to $40 from $45 and keeps a Neutral rating on the shares. Intel's report was not "ideal," and 1H24 trends are coming in worse than expected on broad-based weakness, resulting in a miss on the Q2 guidance, the analyst tells investors in a research note. The good news is that management reiterated its view for year over year growth in calendar 2024, implying a meaningful inflection in the back half of the year, the firm says. While Cantor continues to pull for Intel as the National Champion, the firm remains on the sidelines awaiting greater conviction on the reclaiming of market leadership across the company's various offerings.

Citi lowered the firm's price target on Intel to $35 from $40 and keeps a Neutral rating on the shares. Intel reported decent results but guided below consensus as strength from the PC end market was throttled by an issue in wafer assembly, the analyst tells investors in a research note. Citi's checks indicate Intel is on track to draw even with TSMC in manufacturing sometime next year, which is a positive. However, the company is guiding for well above seasonal growth in the second half of 2024, adds the firm.

Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSSnap (SNAP) up... To see the rest of the story go to thefly.com. See Story Here

Pre-earnings options volume in Intel is normal with calls leading puts 2:1. Implied volatility suggests the market is anticipating a move near 5.6%, or $1.96, after results are released. Median move over the past eight quarters is 7.8%.

Intel (INTC) is scheduled to report results of its fiscal first quarter after the market close on April 25, with a conference call scheduled for 5:00 pm ET. What to watch... To see the rest of the story go to thefly.com. See Story Here

Liberum analyst Yuen Low downgraded Centamin to Sell from Hold with a 107 GBp price target.