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Morningstar's Intel Corp Stock Analysis

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Amid Competitive Headwinds, Intel's Q1 Results and Full-Year Outlook Look Reasonable; $65 FVE

Abhinav Davuluri, CFA Sector Strategist

Analyst Note

| Abhinav Davuluri, CFA |

Intel reported solid first-quarter results slightly above guidance thanks to data center strength. The firm is dealing with an assortment of headwinds ranging from a resurgent Advanced Micro Devices that is pressuring Intel’s CPU market share, Apple’s shift to internal CPUs for its Mac PCs, and the transition from general-purpose computing to accelerated computing that relies on the likes of Nvidia’s GPUs. Nonetheless, we are positive on Intel's IDM 2.0 strategy to get its manufacturing back on track and develop a more substantial foundry offering while outsourcing more products to TSMC. Shares fell nearly 4% after hours, which we attribute to the soft revenue outlook for the second quarter, though we note management reiterated its 2022 sales outlook of $76 billion, which implies a stronger second half. We are maintaining our $65 fair value estimate for wide-moat Intel, as we think 2022 will be the near-term trough for margins as the firm invests in its technology roadmap.

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Intel Corp's Company Profile

Business Description

Intel is the world's largest logic chipmaker. It designs and manufactures microprocessors for the global personal computer and data center markets. Intel pioneered the x86 architecture for microprocessors. It was the prime proponent of Moore's law for advances in semiconductor manufacturing, though the firm has recently faced manufacturing delays. While Intel's server processor business has benefited from the shift to the cloud, the firm has also been expanding into new adjacencies as the personal computer market has stagnated. These include areas such as the Internet of Things, artificial intelligence, and automotive. Intel has been active on the merger and acquisitions front, acquiring Altera, Mobileye, and Habana Labs in order to bolster these efforts in non-PC arenas.

2200 Mission College Boulevard
Santa Clara, CA, 95054-1549
T +1 408 765-8080
Sector Technology
Industry Semiconductors
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 25, 2022
Stock Type Cyclical
Employees 121,100

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