(CercleFinance.com) – HSBC maintained its “lighten” recommendation on Intel on Tuesday with an unchanged price target of 26 dollars, worried in particular about the sluggishness of the data center systems market.
In a note sent to its clients, the British bank indicates that it has lowered its earnings per share (EPS) forecasts for the semiconductor manufacturer by 27% and 9% respectively for the 2023 and 2024 financial years.
The financial establishment recalls that Intel’s data center solutions remain the key to the group’s activity, with more than 30% of its turnover, judging the prospect of an improvement in the situation today envisaged by the market too optimistic, just like that of a recovery in the gross margin.
HSBC also said it was worried about possible market share losses in processors, as the Californian group’s latest server chip, Emerald Rapids, should not be put on the market before the end of the year.
And if Intel is more confident on the PC market, the bank is, for its part, much less optimistic, believing that a recovery in demand is still very hypothetical, with no real visibility on the recovery.
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