As previously reported, BMO Capital downgraded Intel (INTC) to Market Perform from Outperform and reduced its price target on shares to $33 from $40. The firm said it does not like Intel's acquisition of Altera (ALTR) and disagrees with Intel's assumption of 7% CAGR for the business. BMO Capital said Altera's CAGR has declined by 2% during one of the more aggressive carrier capex builds and the firm struggles to see how the deal will add value to Intel shareholders long-term. The firm's analyst believes Altera is worth only $28 per share on a standalone basis and does not like the valuation Intel paid for the company.

BofA raised the firm's price target on Lattice Semiconductor (LSCC) to $83 from $75 and keeps a Neutral rating on the shares. Despite "another reset," the firm sees Q2 as the bottom, with Q3 and Q4 recovering double digits quarter-over-quarter as auto and industrial inventory normalizes and as new product launches and software attach rates ramp, the analyst tells investors in a post-earnings note. While it believes Lattice is now past trough earnings, it keeps a Neutral rating as BofA still flags increasing competitive pressures given Intel's (INTC) spinout of its FPGA business could intensify competition, with new/updated and expanded Agilex product portfolio launching in 2024 as well as from non-FPGA vendors longer-term.

Arqit Quantum (ARQQ) announced the creation of the World's First Quantum-Safe, 1.89 Tb IPsec products collaborating with Intel (INTC). Arqit and Intel have joined forces for out-of-the-box post-quantum cryptography solutions using Arqit's Symmetric Key Agreement Platform running on Intel Xeon Scalable processors. Combining Intel technologies with Arqit's SKA-Platform achieves high-performance IPsec encryption, protecting against quantum attacks without compromising speed.