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Intel's Earnings Beat: What Wall Street's Saying

Oppenheimer analyst Rick Schafer (Perform)

"INTC reported 1Q sales/EPS of $12.8B/$0.38, in line with consensus $12.8B/$0.37. Better than seasonal performance in DCG was offset by a sharp decline in MCG (-52% Q/Q, 61% Y/Y) during the quarter. Guidance for 2Q indicates revenue of $13B (+2% Q/Q), in line with historical seasonality and the Street's $13B. GM was guided up ~300bps Q/Q to 63% thanks to lower 14nm start-up costs and higher volumes. With shares up 14% since February lows, we expect share price reaction to be relatively muted on Wednesday morning. Net, we opt to remain on the sidelines until a clearer picture of INTC's wireless traction/profitability and longer-term growth outlook emerges."

MKM Partners analyst Ian Ing (Neutral, $27 Price Target)

"Intel delivered a $0.01 EPS beat and solid raise largely via gross margins. We are coming away from the call likely more positive than most investors, and maintain our Neutral rating with a positive bias. While concerns likely center on struggling Mobile & Communications, highlighted by segment re-classification, we think the company's ability to gain and retain high-profile leadership smartphone wins (putting it in the center of the 4G jump ball) is underestimated."

Must Read: Marissa Mayer Has Done Enough, For Now

--Written by James Rogers in New York.

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