B of A Securities Downgrades Intel to Neutral, Cuts Target to $100

B of A Securities downgraded Intel (Nasdaq: INTC) to neutral from buy before the open on Friday and cut its price target to $100 from $145. Roth Capital also moved to neutral from buy before the open, lowering its target to $70 from $120. Cantor Fitzgerald maintained its neutral rating and cut its target to $90 from $125, also before the open.

The three firms acting on Friday all lowered their price targets, and two of them moved from buy to neutral. Intel's last close before the first action was $92.07 on Thursday, Oct. 29. Over the 20 sessions to that close, the stock fell 23.3%.

Where coverage stands

In our records, 35 firms had at least one rating action on Intel in the 365 days before Friday. Twelve of them held positive stances, 22 neutral and one negative. Of the 34 firms with a price target, the median was $106.5, with a low of $45 and a high of $155.

Company scale

In its most recent quarter, ended June 27, Intel reported revenue of $16.13 billion, up 25% from a year earlier, and an operating income of $1.80 billion. It also reported a net loss of $11.03 billion for that quarter. Cash and investments together totaled $29.73 billion as of that date.

Intel filed its quarterly report on Form 10-Q on Thursday, Oct. 29, at 6:50 p.m. ET, one day before the actions. It also filed an 8-K on the same day at 4:08 p.m. ET containing an earnings release under Item 2.02.