IS INTEL A GOOD INVESTMENT?

February 27, 2022 0 By bullheadedbear
Is Intel a good investment?
Is Intel a buy?

Is Intel a good investment? What is Intel’s fair value / intrinsic value? Is Intel a buy at current valuations? These are the question we are trying to find out in the following fundamental analysis.

The data used in the below analysis and discounted cash flow model comes from a combination of SharePad, Finbox, and the Intel Investor Relations website. Additionally, the dcf model uses personal assumptions, which are shared below.

Table of Contents

Intel Company Overview

Intel Fundamental Analysis

lntel Valuation Review

Valuation Summary

Intel Company Overview

Intel Introduction

Intel Company Description

Intel is the world’s largest chipmaker. It designs and manufactures microprocessors for the global personal computer and data center markets.

Intel pioneered the x86 architecture for microprocessors. It was the prime proponent of Moore’s law for advances in semiconductor manufacturing, though the firm has recently faced manufacturing delays.

While Intel’s server processor business has benefited from the shift to the cloud, the firm has also been expanding into new adjacencies as the personal computer market has stagnated. These include areas such as the Internet of Things, artificial intelligence, and automotive.

Intel has been active on the merger and acquisitions front, acquiring Altera, Mobileye, and Habana Labs in order to bolster these efforts in non-PC arenas.

Intel Fundamentals

Current Share Price (m)$47.71Revenue (m)$79,024
Shares Outstanding4,072EBITDA (m)$33,874
Market Cap (m)$194,275EBITDA Margin43%
Cash (m)$28,413EV/EBITDA6.02x
Total Debt (m)$38,101Debt / EBITDA1.12x
Enterprise Value (m)$203,963P/E (YE)9.8
INTC Valuations

Intel Revenue Breakdown – Region

RegionRevenue (m)%
China$21,14126.8%
Other Countries$16,06120.3%
Singapore$14,25418%
United States$14,10717.9%
Taiwan$13,46117.0%
INTC Revenue by Region

Intel Revenue Breakdown – Product

ProductRevenue (m)%
Client Computing$40,51151.3%
Data Centre$25,82132.7%
Internet of Things$5,3846.8%
Non-Volatile Memory$4,3065.5%
Programmable Solutions$1,9342.5%
Other$1,0681.4%
INTC Revenue by Product

Intel Share Price History

Current Price:47.7152 WK Low:68.2652 WK High:44.65
Intel Share Price vs Index
INTC Share Price vs Index
INTC Share Price vs Index
SharePad

Intel Shareholder Ownership

ShareholderHolding%
Vanguard Group Inc354.08.7%
State Street Corporation171.04.2%
BlackRock Fund Advisors133.03.3%
Vanguard Investments Australia Ltd118.02.9%
Capital Research and Management Company115.02.8%
Fidelity Management & Research Company LLC113.02.8%
Capital Research & Mgmt Co – Division 3109.02.7%
Geode Capital Management  LLC76.51.9%
Capital Group72.91.8%
Invesco Capital Management LLC64.21.6%
Northern Trust Corp50.81.2%
SPDR State Street Global Advisors43.21.1%
State Street Global Advisors (Aus) Ltd41.91.0%
Others2607.864.1%
INTC Major Shareholders
Intel Shareholder Ownership
INTC Shareholder Ownership
INTC Shareholder Ownership

Intel Fundamental Analysis

Intel Income Statement

Intel Income Statement Waterfall – 2021

Intel Income Statement Waterfall
INTC Income Statement Waterfall
INTC Income Statement

Revenue of $79,024 is up from $77,867 in 2020. Cost of sales is 44.6% of revenue compared to 44% in 2020. Operating expenses of $21,733 do not include restructuring costs of $2,626, which are included in other income net, along with gains (losses) on equity investments. 

5 Year View

Intel 5 year Income Statement Overview
INTC 5 year Income Statement Overview
INTC 5 Year Income Statement

Revenue is growing year on year. EBITDA at 42.9% is below the previous three years and only slightly above 2017. Net income margin of 25.1% has been reducing over the last three years. However, 2017 was significantly lower.

Intel Year Income Statement

2017A2018A2019A2020A2021A
Sales Revenue62,76170,84871,96577,86779,024
Cost of Sales-23,663-27,111-29,825-34,255-35,209
Gross Profit39,09843,73742,14043,61243,815
Operating Expenses-20,664-20,493-19,712-19,736-21,733
Operating Income18,43423,24422,42823,87622,082
Other Income, net2,267-531,1461,706103
Interest, net-349126484-504-482
Income Before Taxes20,35223,31724,05825,07821,703
Income Taxes-10,751-2,264-3,010-4,179-1,835
Net Income9,60121,05321,04820,89919,868
     
EBITDA26,56332,32933,25436,11533,874
INTC Income Statement

Intel Growth

Intel Income Statement Growth Overview
INTC Growth

Growth is negative for EBITDA and net income, and lower in 2021 than 2020 and 2019. Revenue growth and gross profit growth are positive. However, they are low at 1.5% and 0.5%, both are also lower than 2020.

Intel Balance Sheet

Intel Assets – Fiscal Year End 2021

Intel Assets - Balance Sheet
Intel Assets
INTC Assets (Balance Sheet)

Short term investments include corporate and government debt as well financial institution instruments. Other current assets include assets held for sale ($6,942). Property, plant and equipment comprise of land and buildings ($40,039m), machinery and equipment ($86,955m) and construction in progress ($21,545m), but deducts the accumulated depreciation ($85,294). Goodwill and intangibles are predominantly goodwill ($26,963m) from previous year’s acquisitions.

Intel Liabilities – Fiscal Year End 2021

Intel Liabilities - Balance Sheet
INTC Liabilities
INTC Liabilities (Balance sheet)

Other current liabilities include accrued compensation and benefits, and derivative liabilities. Other non-current liabilities include deferred income taxes, operating leases and derivative liabilities.

Intel Equity – Fiscal Year End 2021

Intel Equity - Balance Sheet
INTC Equity (Balance Sheet)

Intel Balance Sheet – 5 Year View

Intel (INTC) 5 Year Balance Sheet Overview
INTC 5 Year Balance Sheet Overview
SharePad

Intel Cash Flow Statement

Intel Cash Flow From Operations – Fiscal Year End 2021

Intel Cash from operations
INTC Cash Flow From Operations (Cash Flow Statement)

Other operating activities include stock-based compensation and restructuring charges. Depreciation expense is the depreciation and amortisation of intangibles.

Intel Cash From Financing – Fiscal Year End 2021

Intel Cash from Financing
INTC Cash Financing (Cash Flow Statement)

Intel bought back $2,415 million of common stock in 2021. Debt issued was $4,974m, with debt repaid being $2,500m. $5,644m paid back to shareholders in dividends. Other financial activities include proceeds from the sale of common stock through employee incentive plans.

Intel Cash From Investing – Fiscal Year End 2021

Intel Cash from Investing
INTC Cash From Investing (Cash Flow Statement)

Capital expenditures include additions to PP&E and additions to held for sale PP&E. Other investing activities include net debt investments, net trading assets and net equity investments.

Intel Cash Flow Statement – 5 Year View

Intel 5 year cash flow statement
INTC 5 Year Cash Flow Statement

The cash balance at the end of 2021 was $4,827m, which was down from 2020. However, cash is still higher than in previous years. The reduction in cash was driven by a reduction in cash from operations and increased cash spent on investing.

Finimize 50% off

Intel Valuation Review

Analysts View of Intel

Intel Price Target – Analysts’ Price Targets

Analyst NameFirmPositionPrice TargetAction
Ingo WermannDZ BANK AGHoldDowngraded
Chris CasoRaymond JamesHoldUpgraded
Gus RichardNorthland SecuritiesBuy62.00Reiterated
Sujeeva De SilvaRoth CapitalHold48.00Maintained
Vivek AryaBank of America SecuritiesSell52.00Maintained
Mark LipacisJefferiesHold48.00Maintained
Quinn BoltonNeedhamBuy60.00Maintained
Hans MosesmannRosenblatt SecuritiesSell40.00Maintained
Blayne CurtisBarclaysSell45.00Maintained
Ross SeymoreDeutsche BankHold55.00Maintained
Vijay RakeshMizuho SecuritiesHold53.00Maintained
Christopher RollandSusquehannaHold52.00Reiterated
Timothy ArcuriUBSHold53.00Reiterated
Ambrish SrivastavaBMO CapitalHold50.00Maintained
Matt BrysonWedbushSellMaintained
Joseph MooreMorgan StanleyHold55.00Reiterated
Srini PajjuriSMBC NikkoBuy62.00Maintained
Aaron RakersWells FargoHold60.00Reiterated
Tristan GerraRobert W. BairdBuy60.00Maintained
John PitzerCredit SuisseBuy70.00Maintained
Christopher DanelyCitigroupHold55.00Maintained
Stacy RasgonBernsteinSell40.00Maintained
Toshiya HariGoldman SachsSell44.00Maintained
Harlan SurJ.P. MorganBuy64.00Maintained
Edward F. SnyderCharter EquityHoldMaintained
John VinhKeyBancHoldDowngraded
Ivan FeinsethTigress FinancialBuy72.00Reiterated
William SteinTruist FinancialHold52.00Maintained
David WilliamsBenchmark Co.HoldMaintained
C J MuseEvercore ISISell55.00Maintained
Rick SchaferOppenheimerHoldMaintained
Unknown AnalystWestpark CapitalHoldInitiated Coverage
Weston TwiggPiper SandlerBuy70.00Maintained
Ianjit BhattiAtlantic EquitiesSell45.00Downgraded
Matt RamsayCowen & Co.Buy81.00Reiterated
INTC Analysts View
Intel anlayst price targets
INTC Analysts’ Price Targets

Only 26% of analysis rate Intel as a buy, with 51% with a rating of hold and the other 23% rating the stock a sell. 66% of analysts’ maintained their view, with another 20% reiterating. 8% downgraded the stock, and only 3% upgraded. The analyst’s price targets range from $40 to $81, with the average being $56.

Analysts’ Consensus – Is Intel a Buy?

Intel Analyst consensus view
INTC Analyst’s Consensus

Analysts’ Recent Actions for Intel Stock

Intel Analyst's recent actions
INTC Analyst’s Actions
SharePad

Intel Comparable Analysis

Caution when comparing with other companies.
Caution

Caution should be taken as no two companies are precisely the same. Companies can be at different stages of maturity, have different operating segments, operate in different geographical regions etc. Best efforts have been made to use similar companies in the below analysis.

Companies used in determining the comp values are as follows:

Intel Corp, Microchip Technology, NVIDIA Corp, Advanced Micro Devices Inc, Broadcom Inc, NXP Semiconductor, Taiwan Semiconductor, Qualcomm Inc, Texas Instruments, Applied Materials Inc and Micron Technology.

Intel P/E – Price to Earnings vs Competitors

Intel P/E vs Competitors
Price to Earnings
Intel P/E vs Competitors

Intel’s P/E ratio at 8.7x is significantly lower than all competitors. Forecasted P/E is again lower than the competition, with the exception of Micron Technology.

Intel P/S – Price to Sales vs Competitors

Intel P/S vs Competitors
Price to Sales
INTC P/S vs Competitors

Intel’s P/S multiple is also lower than all the competitors at 2.5x and considerably lower than the majority. The average is 8.14x which is more than three times higher than Intel.

Intel P/FCF – Price to Free Cash Flow vs Competitors

Intel P/FCF vs Competitors
Price to Free Cash Flow
INTC P/FCF vs Competitors

Only Broadcom has a lower P/FCF at 18.9x than Intel at 20.2. The average is 34.68. However, Intel’s forecasted P/FCF is considerably higher than the average and all competitors at 205.3.

Intel EV/EBITDA vs Competitors

Intel EV/EBITDA Multiple vs Competitors
INTC EV/EBITDA vs Competitors

Intel’s EV/EBITDA at 6.8x is significantly lower than the average and most competitors. On the other hand, NVIDIA and AMD are considerably higher than the majority.

Intel EV/Sales

Intel EV/Sales vs Competitors
INTC EV/Sales vs Competitors

Yet again, Intel at 2.9x is lower than the average of 8.6x and lower than all other competitors. NVIDIA is again the highest.

Intel Valuation Comps Analysis

If we take the average valuation multiples from Intel and its competitors and apply that multiple to Intel, we can see how Intel could be valued. The below shows the values based on Intel’s current financial situation with the comp averages.

Intel Comps Analysis - Current Financials
INTC Comps Analysis – Current Financials

Based on average multiples and current financials, Intel has a current valuation range of $157 – $175.

Intel Comps Analysis - 5 Year Forecast Financials
INTC Comps Analysis – 5 Year Forecast Financials

Using the same average valuation multiples, but adapting the financials to the 5-year forecasts (our base case DCF – see below), the 5-year Intel stock ranges from $202 – $229.

Intel Comp Analysis Overview
INTC Comp Analysis Overview
SharePad

Intel Valuation Multiples vs Historical

lntel EV/EBITDA

Intel EV/EBITDA Multiple
INTC EV/EBITDA Multiple

Intel’s EV/EBITDA multiple at 6.8x is lower than the 10-year average of 7.3x. With only last year, 2020, and 2012 lower. The highest value was 9.1x in 2017.

Intel EV/Sales

Intel EV/Sales Multiple
INTC EV/Sales Multiple

Intel’s 2021 EV/Sales at 2.9x is lower than the average at 3.2x. The lowest EV/Sales multiple was in 2012 at 2.1x, and the highest was in 2019 at 4.0x.

Intel P/E – Price/Earnings Multiple

INTC P/E Ratio
INTC P/E Ratio

2021 P/E ratio at 8.7x is lower than the average at 12.1x. It is also the lowest value in the previous ten years. The highest P/E ratio was in 2014 at 15.9x.

Intel P/S – Price/Sales Multiple

Intel P/S Ratio
INTC P/S Ratio

At 2.5x, Intel’s P/S ratio is again lower than the average at 2.9x. 2013 was also 2.5x, and 2012 was the only lowest multiple at 2.0x.

Intel P/FCF – Price/Free Cash Flow

Intel P/FCF Ratio
INTC P/FCF Ratio

P/FCF –P/FCF is the only valuation multiple for Intel that is higher than the 10-year average. 2021 P/FCF was 20.2x, with a 10-year average of 15.8x. Only 2017 at 21.6x was higher.

Intel DCF – Assumptions & Base Case FCF

Intel DCF Assumptions

 Tax Rate12.0%
 Discount Rate7.4%
 Perpetual Growth Rate2.0%
 EV/EBITDA Multiple9.0x
 Transaction Date28/02/2022
 Fiscal Year-End25/12/2022
 Current Price$47.71
 Shares Outstanding (m)4,072
 Debt (m)$38,101
 Cash (m)$28,413
 Capex (m)$20,329
INTC DCF Assumptions

In addition to the above assumptions, the below DCF model is based on our base case scenario, which assumes a revenue growth over the next five years of -4%, 4%, 5%, 8%, 10%. These assumptions are slightly lower than analysts’ forecasts. The comparisons between our bear case, base case & bull case scenarios are detailed later in this analysis.

Intel Revenue forecasts - BHB Base Case Scenario
INTC Revenue forecasts – BHB Base Case Scenario

lntel Cash Flow Forecast – Base Case DCF Model

INTC Free Cash Flow - Base Case Scenario
INTC Free Cash Flow – Base Case Scenario

According to our model, free cash flow will reduce dramatically in 2022 due to an expected decline in revenue and increased CAPEX. The company is in a transition period which will impact the short term cash flows. The cash flows should then increase as the investment begins to pay off.

SharePad

Intel DCF – EBITDA Exit – Valuation & IRR

Intel Terminal Value – EBITDA Exit

Final Forecast EBITDA (m)$44,337
EV/EBITDA Multiple9.0x
TERMINAL VALUE (m)$339,031
INTC Terminal Value – EBITDA Exit

Intel Intrinsic Value – EBITDA Exit

 Enterprise Value (m)$324,750
 Plus: Cash (m)$28,413
 Less: Debt (m)$38,101
 Equity Value (m)$315,062
EQUITY VALUE / SHARE$77.37
INTC Intrinsic Value – EBITDA Exit

Intel Intrinsic Value vs Market Value- EBITDA Exit

INTC Intrinsic Value vs Market Value
INTC Intrinsic Value vs Market Value

Based on the model assumptions and using the EBITDA exit multiple of 9, the intrinsic value for Intel is $77.37. Providing a potential upside of $29.66.

 Market Value$47.71
 Upside$29.66
 Intrinsic Value$77.37
INTC Upside

Intel Investment – Internal Rate of Return (IRR)

 Target Price Upside62.2%
 Internal Rate of Return (IRR)18.8%
INTC IRR

Intel Stock Price vs Internal Rate of Return (IRR)

INTC Stock Price vs IRR
INTC Stock Price vs IRR

Based on the model assumptions and the current market share price of $47.71, there is an internal rate of return of 18.8%. If the stock price dropped 20% to $38, the IRR would be 24.4%. If the stock price increases 20% to $57, the IRR would still be 14.4%

Finbox Get Started

Intel DCF – EBITDA Exit – Sensitivity Analysis

Variables Influence on Model

INTC DCF Model - Sensitivity Analysis
INTC DCF Model – Sensitivity Analysis

Changes to the revenue have the most significant impact on this model by a considerable margin. You can also see that a positive shift in revenue has a more significant impact. Next, changes to the EV/EBITDA multiple and cost of sales have very similar effects on the model. The discount rate has the most negligible impact. 

The intrinsic value calculated from the model is using the assumptions: EBITDA Exit Multiple of 9x, WACC of 7.4% and final forecast EBITDA of $44,337. The tables to the right show the intrinsic value based on different assumption scenarios.

Impact on Intel Intinsic Value Price Per Share

INTC Intrinsic Value - Sensitivity Analysis
INTC Intrinsic Value – Sensitivity Analysis

When reviewing different EV/EBITDA multiples with different final forecasted EBITDA results, we see that the lowest value per share is $59. This is based on an EV/EBITDA exit multiple of 7x and a final EBITDA figure of $42,120 million, which is -5% of the base case forecast. Conversely, the highest value per share is $97, based on an EV/EBITDA exit multiple of 11x and a financial EBITDA figure of $46,554 million, which is +5% of the base case forecast.

INTC Intrinsic Value - Sensitivity Analysis
INTC Intrinsic Value – Sensitivity Analysis

When reviewing different discount factors (WACC) with different final forecasted EBITDA results, we can see the lowest value per share is $71. This is based on a discount factor of 8.2% and a final EBITDA figure of $42,120 million, which is -5% of the base case forecast. Conversely, the highest value per share is $84, based on a discount factor of 6.6% and a financial EBITDA figure of $46,554 million, which is +5% of the base case forecast.

SharePad

Intel DCF – Perpetual Growth Rate – Valuation & IRR

Intel Terminal Value – Perpetual Growth

Final Forecast FCFf (m)$16,542
Perpetual Growth Rate2.0%
TERMINAL VALUE (m)$311,499
INTC Terminal Value – Perpetual Growth

Intel Intrinsic Value – Perpetual Growth

 Enterprise Value (m)$262,768
 Plus: Cash (m)$28,413
 Less: Debt (m)$38,101
 Equity Value (m)$253,080
EQUITY VALUE / SHARE$62.15
INTC Intrinsic Value – Perpetual Growth

Intel Intrinsic Value vs Market Value

INTC Intrinsic Value vs Market Value - Perpetual Growth
INTC Intrinsic Value vs Market Value – Perpetual Growth

Based on the model assumptions using the perpetual growth rate, the intrinsic value is $62, which is $14 higher than the current market value (at the time of analysis).

 Market Value$47.71
 Upside$14.44
 Intrinsic Value$62.15
INTC Upside – Perpetual Growth

Intel Investment – Internal Rate of Return (IRR)

 Target Price Upside30%
 Internal Rate of Return (IRR)14%
INTC IRR – Perpetual Growth

Intel Stock Price vs Internal Rate of Return

INTC Stock Prive vs IRR
INTC Stock Prive vs IRR

Based on the model assumptions and the current market share price of $47.71, there is an internal rate of return of 14%. If the stock price dropped 20% to $38, the IRR would be 18.9%. If the stock price increases 20% to $57, the IRR would be 9.3%.

Intel DCF – Perpetual Growth Rate – Sensitivity Analysis

Variables Influence on Model

INTC DCF Model - Sensitivity Analysis
INTC DCF Model – Sensitivity Analysis

Changes to revenue have the most significant impact on this model, followed by changes to the cost of sales. A positive change to revenue has a slightly more significant impact on the model than a negative change. The perpetual growth rate shows less of an effect. However, this chart is based on relative % movements. Therefore, the perpetual growth rate could vary on a much larger scale than the other variables. For example, a change from 2% to 3% is a 50% increase, which you are less likely to see for the other variables. The discount rate has the most negligible impact on the model.

The model assumptions show a perpetual growth rate of 2%, WACC of 7.4% and final forecast FCFf of $16,128. The tables to the right show the intrinsic value based on different assumption scenarios. 

Impact on Intrinsic Value Per Share

INTC DCF Model - Sensitivity Analysis
INTC DCF Model – Sensitivity Analysis

When reviewing different perpetual growth rates with different final forecasted free cash flow results, we see the lowest value per share is $56. This is based on a perpetual growth rate of 1.6% and a final free cash flow figure of $15,715 million, which is -5% of the base case forecast. Conversely, the highest value per share is $72, based on a perpetual growth rate of 2.6% and a financial free cash flow figure of $17,369 million, which is +5% of the base case forecast.

INTC DCF Model - Sensitivity Analysis
INTC DCF Model – Sensitivity Analysis

When reviewing different discount factors with different final forecasted free cash flow results, we can see the lowest value per share is $51. This is based on a discount factor of 8.2% and a final free cash flow figure of $15,715 million, which is -5% of the base case forecast. Conversely, the highest value per share is $78, based on a discount factor of 6.6% and a financial free cash flow figure of $17,369 million, which is +5% of the base case forecast.

Intel Discounted Cash Flow Model – Scenario Analysis

The above DCF model was based on the base case scenario. Below is an overview of the bear case and bull case scenario.

Intel DCF – Bear Case Scenario

Intel Revenue Growth Forecast – Bear Case

INTC Bear Case Revenue Forecast
INTC Bear Case Revenue Forecast

For the bear case scenario, we have set the revenue growth to be -4% in 2022 as per the analysts and management expectations. However, rather than a 4% increase in 2022, we have 0% growth. This is followed by small growth that rises slightly. The bear case represents the investments in Intels transition paying off, but on a much slower and smaller scale than guided by management.

Intel Bear Case Free Cash Flow Forecast

INTC Bear Case Free Cash Flow Forecast
INTC Bear Case Free Cash Flow Forecast

Bear case free cash flow forecast starts at $2,396 million, a significant drop from 2021. FCF then grows to $15,368 million in 2026.

Intel Intrinsic Value vs Market Value – Bear Case

INTC Intrinsic Value vs Market Value - Bear Case
INTC Intrinsic Value vs Market Value – Bear Case

The current market value is $47.71. For the bear case scenario, using the EBITDA exit multiple for terminal value, the intrinsic value is $65.09. Therefore, 17.38 higher than the current market value. If we use the perpetual growth rate for the terminal value, the intrinsic value is $53.15, which is $5.44 higher than the current market value of $47.71.

Intel DCF – Bull Case Scenario

Intel Revenue Growth Forecast – Bull Case

INTC Revenue Forecast - Bull Case
INTC Revenue Forecast – Bull Case

The bull case has revenue growth of -2% in 2022, compared to the -4% in the base case. The growth then increases to the top end of management guidance. The bull case is based on the investments and transition of Intel delivering slightly better than expected.

Intel Bull Case Free Cash Flow Forecast

INTC Free Cash Flow Forecast- Bull Case
INTC Free Cash Flow Forecast- Bull Case

The bull case free cash flow forecast starts at $2,987 million, which is still considerably lower than 2021. However, FCF then increases to $24,130 million in 2026.

Intel Intrinsic Value vs Market Value – Bull Case

INTC Intrinsic Value vs Market Value - Bull Case
INTC Intrinsic Value vs Market Value – Bull Case

The bull case EBITDA exit DCF model provides an intrinsic value of $89.85. Therefore, $42.14 higher than the current market value. If we use the perpetual growth rate DCF model, the intrinsic value is $70.62, which is $22.91 higher than the current market value.

Intel Valuation Summary

Intel Value Valuation Football Field Chart

INTC Valuation Overview
INTC Valuation Overview

Is Intel a good investment?
Is Intel a buy at current valuations?

The current stock price is at the lower end of the 52-week trading range and the analysts’ price targets.

The comps valuations are significantly higher than current prices due to Intel’s low valuation multiples compared to competitors.

The DCF models all returned an intrinsic value above the current market value. The base case provides an average upside of 46.1%. The bear case even offered a 23.9% upside, and the bull case had a 68% upside potential.

Intel is currently going through a transition period which could cause some short term volatility. However, if they manage to deliver on their transformation plans, there is potential for the Intel stock to be a good investment.

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Disclosure

I/we have open long positions in Intel. We may increase this position depending on market movements over the coming weeks.

This analysis has been written by a Bull Headed Bear analyst/author for Bull-Headed-Bear.com. I/we receive no compensation for this post other than any payments received from ads or affiliate links.