Multiple Near-Term Headwinds Don’t Dissuade Our Positive Thesis on Intel; Shares Undervalued
Intel reported fourth-quarter results that fell modestly below our expectations, mostly due to a $200 million shortfall in modem demand from Apple, as well as softer demand in China, a digestion period in the cloud, and a tepid NAND environment. While these near-term headwinds will likely persist for a few quarters, we believe the 7% sell-off in Intel shares during after-hours trading was overdone. Management projected 2019 revenue will still grow, albeit only slightly. Nevertheless, given the m...Intel is a data-centric company. The company's operating segments are: Data Center Group, which develops platforms for compute, storage, and network functions; Internet of Things Group, which facilitates its customers creating, storing, and processing data; Mobileye, which provides assistance and automation solutions; Non-Volatile Memory Solutions Group, which provides memory and storage products based on Intel? Optane? technology and Intel? 3D NAND technology; Programmable Solutions Group, which provides programmable semiconductors; and Client Computing Group, which connects people to data, allowing each person to focus, create, and engage in ways that unlock their individual potential.
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