Northland analyst Tom Sepenzis downgraded Intel to Market Perform from Outperform after assuming coverage of the name. The analyst views the shares as fairly valued with the PC market "not showing any signs of stabilization." Further, Intel's data center business is producing weaker growth, and will likely be challenged by ARM-based competition within the next 12 months, Sepenzis tells investors in a research note after the company reported Q1 results last night. He has a $35 price target for the shares.

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The U.S. Department of Defense has awarded Intel Foundry Phase Three of its Rapid Assured Microelectronics Prototypes - Commercial, or RAMP-C, program, the company announced. "The award was announced through the National Security Technology Accelerator's consortium-based Strategic and Spectrum Missions Advanced Resilient Trusted Systems Other Transaction Authority program. The third phase of RAMP-C advances the tape-out and testing of early defense industrial base product prototypes, signifying a critical milestone for the program that highlights the readiness of Intel 18A process technology, intellectual property and ecosystem solutions for high-volume manufacturing. As part of the announcement, RAMP-C customers can begin manufacturing commercial and DIB product prototypes on Intel 18A process technology," Intel stated. Reference Link