DA Davidson Initiates Coverage on Intel with a Neutral Rating and $45 Price Target

DA Davidson initiated coverage on Intel (NASDAQ:INTC) with a Neutral rating. The firm set a $45.00 price target.

Intel is rebuilding manufacturing capabilities to become a third-party foundry. DA Davidson describes this transition as one of the hardest resets in semiconductor history.

The firm labels Intel a "show me" story despite positive business developments. Analysts require further proof of the turnaround strategy. DA Davidson believes the current stock price reflects most potential upside.