Shares of Intel are down by 1.29% to $30.62 in pre-market trading on Monday morning.
The firm said it lowered its numbers on the tech giant as a result of negative industry checks in Asia.
Pacific Crest also cited "a sub seasonal PC demand outlook in Q3, coupled with a delayed launch of Skylake processors," as its reasoning for the estimate and price target cut.
The firm maintained its "overweight" rating on Intel stock.
Separately, TheStreet Ratings team rates INTEL CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate INTEL CORP (INTC) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, reasonable valuation levels and expanding profit margins. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."
Highlights from the analysis by TheStreet Ratings Team goes as follows: