On Thursday, Intel (ticker: INTC) posted June-quarter financial results that fell far short of Wall Street estimates. It provided a bleak outlook for the current quarter and materially reduced its forecast for the full year.
A day later, Bernstein analyst Stacy Rasgon lowered his price target for the chip maker’s shares to $30 from $35, citing the company’s deteriorating business. He also reaffirmed his Underperform rating on the stock.
“Intel’s Q2 takes the prize for the worst we have seen in our career,” he wrote. “While some investors could potentially see a kitchen sink in the results, it seems more likely that things are circling the drain.”