Evercore Partners Downgrades Intel Corp. to Underweight (INTC); Intel Shares drop 3.89%

Intel Corp. (NASDAQ: INTC) was downgraded by analysts at Evercore Partners from an “equal weight” rating to an “underweight” rating in a research report issued to clients and investors on Monday, AnalystRatingsNetwork reports.

Several other analysts have also recently commented on the stock. Analysts at TheStreet reiterated a “buy” rating on shares of Intel Corp. in a research note to investors on Wednesday, July 3rd. Separately, analysts at Drexel Hamilton reiterated a “buy” rating on shares of Intel Corp. in a research note to investors on Monday, June 24th. They now have a $30.00 price target on the stock.

Seven analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fifteen have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $24.13.

Intel Corp. (NASDAQ: INTC) opened at 24.06 on Monday. Intel Corp. has a 1-year low of $19.23 and a 1-year high of $26.90. The stock’s 50-day moving average is currently $24.. The company has a market cap of $119.6 billion and a price-to-earnings ratio of 12.02.

Intel Corp. (NASDAQ: INTC) last issued its quarterly earnings data on Tuesday, April 16th. The company reported $0.40 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.42 by $0.02. The company had revenue of $12.58 billion for the quarter, compared to the consensus estimate of $12.61 billion. During the same quarter in the previous year, the company posted $0.53 earnings per share. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. Analysts expect that Intel Corp. will post $1.87 EPS for the current fiscal year.