Mizuho analyst Vijay Rakesh lowered his price target for Intel to $52 from $56 while maintaining a Buy rating on the shares due to valuation. The analyst sees "significant" upside to June quarter estimates but expected "muted" September quarter guidance. Post-checks into the Taiwan PC supply chain, Rakesh believes PC units are trending "significantly stronger," up 20%-35% quarter-over-quarter with a pull-in from the September quarter on fear of a 25% tariff. Further, he thinks Intel has continued to ship to Huawei and expects minimal near-term impact from the ban.

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.