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Intel's Restructuring Efforts Are A 'Bad Paint Job'

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Intel Corporation INTC reported its 1Q16 earnings on April 19. Bernstein’s Stacy A. Rasgon maintained an Underperform rating for Intel, with a price target of $26, saying that the company is likely to significantly lower its Q2 and full-year guidance.

1Q Results

Intel reported its revenues broadly in-line with the recently lowered consensus. The company’s GAAP revenues came in at $13.7B, representing a sequential decline of about 8.1 percent...