- Intel Corp (NASDAQ:INTC) shared its 2022 and long-term growth strategy at its investor meet.
- After attending Intel's analyst day, BofA analyst Vivek Arya said the company "laid out an ambitious plan" to drive double EPS growth through 2026.
- He expects bulls to focus on its commitment to process leadership, large and growing total addressable markets, and better than expected financial targets.
- However, he kept an Underperform rating and $52 price target (9.3% upside) on Intel shares as he argues process leadership by 2025 "assumes flawless execution on five nodes in four years," which he thinks will be difficult.
- He sees no reward until 2026 for what Arya describes as Intel's "bold but high-risk plan."
- Barclays analyst Blayne Curtis lowered the price target on Intel to $45 from $50 (5.4% downside) and kept an Underweight.
- The analyst says Intel's 2022 investor meeting "fell flat" as the 2022 guidance was below estimates with no free cash flow expected through 2024, "even on unrealistic growth targets."
- Price Action: INTC shares traded lower by 5.75% at $44.84 in the market on the last check Friday.
