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  • Mizuho analyst Vijay Rakesh reinstated Intel Corp INTC with a Neutral and $32 price target following the Mobileye Global Inc MBLY IPO.
  • Since the last rating on INTC on February 18, Rakesh believes INTC has seen increased challenges in both the server and PC markets, with server CPU ramps delayed to 2023 and softening PC demand. 
  • While INTC is regaining some share in PCs, in the critical high-margin server and data center segment, it continues to see market-share loss into 1H23, with Semiconductor valuations having compressed significantly. 
  • However, the key for INTC will be new server product ramps, with a 2H23 Sapphire Rapids (SPR) single and dual socket ramp for Enterprise and Hyperscale.
  • He believes INTC gained a significant share in the PC and Client market in 3Q22, though the Data Center market share saw significant headwinds which could persist through 1H23. 
  • Price Action: INTC shares traded higher by 1.68% at $29.43 on the last check Tuesday.

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