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Fly News Breaks for November 5, 2019
INTC
Nov 5, 2019 | 07:56 EDT
Northland analyst Gus Richard continues to believe Intel (INTC) will drive EPS higher by lowering operating expenses, leveraging its long-term incumbency, exiting unprofitable businesses and buying back stock. However, although "this will work over the next couple of years, it is not a long-term strategy," contends Richard. He notes that TSMC (TSM) is "far ahead" of Global Foundries, the U.S. military's secure foundry, and he further contends that Intel "is the only U.S. entity that is close to TSMC in terms of semiconductor manufacturing capability." Richard thinks Intel could be split into two companies - a product company and a manufacturing company - and keep the product company public, while taking the manufacturing company private with the help of the U.S. government. He keeps an Outperform rating and $69 price target on Intel shares.
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