Intel Downgraded By Friedman Billings Ramsey
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Intel (INTC) was slapped with a downgrade this morning by Friedman Billings Ramsey, which also slashed its price target on the chip giant. Shares of Intel were edging down 7 cents to $20.22 in early morning trading.
FBR cut its rating on Intel to market perform from outperform and lowered its price target on the company’s shares to $23 from $31. The firm said it believes the order cancellations that started at the end of the fourth quarter have continued into the first quarter and that pricing pressure in the chip market probably won’t end anytime soon.
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