Intel Corp (NASDAQ: INTC) is down well over 35% versus its year-to-date high but a Goldman Sachs analyst still doesn’t see it as a bargain. 

Toshiya Hari reiterated his “sell” rating on the chipmaker this morning as “AI prioritisation continued to weigh on traditional server demand”. 

He lowered his price objective on $INTC as well to $34 that no longer suggests a meaningful upside from here. 

Hari’s research note arrives a day after the semiconductor giant based out of Santa Clara, California came in shy of revenue estimates for its first quarter and issued disappointing guidance for the future. 

Note that Intel stock does, however, pay a dividend yield of 1.60% at writing. 

In March, Intel secured an $8.5 billion grant from the U.S. government under its Chips and Science Act as Invezz reported here. 

Still, Toshiya Hari is waiting for signs of progress in its external foundry strategy and stability in its market share in data centre. 

Other than Goldman Sachs, several other investment firms including Barclays and the Bank of America also trimmed their respective price targets on $INTC on Friday. 

It is worth mentioning here that Intel stock is not attractive in terms of technicals as well. It has dropped below the 61.8% Fibonacci Retracement Level and is about to form a bearish death cross pattern as well (read more). 

The post Intel stock: don't hold your breath for a swift recovery appeared first on Invezz