Benzinga | Oct 6, 2021 10:19AM EDT

Morgan Stanley Cuts Intel's Price Target By 4%, But Still Sees Long-Term Upside

* Morgan Stanley analyst Joseph Moore lowered the price target on Intel Corp (NASDAQ:INTC) to $67 from $70, implying a 24.19% upside.

* After the firm's IT hardware team, led by Katy Huberty, downgraded their industry view to Cautious, Moore said he is anticipating more significant headwinds, particularly in PCs. He is cutting his estimates for Intel's PC revenues.

* However, he remains "convicted that there is a longer-term turnaround underway" at the company, which leads him to keep an Overweight rating on Intel shares.

* Price Action: INTC shares traded lower by 0.99% at $53.41 in the market session on the last check Wednesday.