Intel Corporation(NASDAQ:INTC) Changes Financial Reporting Structure, Shares Creep Higher

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Intel Corporation (NASDAQ:INTC) shares rose on Tuesday after it announced changes to its financial reporting structure, adding a new Internet of Things Group, which includes its Wind River and McAfee software units.

Shares in the chip maker were last at $26.89, up 1.5%, within the 52-week range of $20.80 to $27.12.

The changes will take effect beginning with the publication of Intel’s Q1 earnings report on Tuesday, April 15. The company said the changes will better reflect changes in their organizational model, which is aligned with their critical objectives.

The PC Client Group will now include the results of the firm’s gateway and set-top box business, previously reported as the Service Provider Group within the other Intel architecture operating segments.

Data Center Group will now include the communications infrastructure portion of the Intelligent Systems Group, which had been previously reported in the Other IA operating segments.

Internet of Things Group is newly formed and will include the embedded portion of the Intelligent Systems Group. Wind River Software Group (Wind River) will also transfer from the software and services operating segments to be part of the newly formed IOTG. Mobile and Communications Group (includes the Phone Group, the Tablet Group and Multi-Comm, all previously part of the Other IA operating segments.

The software and services operating segments will reflect the removal of Wind River. McAfee and the Software and Solutions Group will continue to be part of the aggregated software and services operating segments.

All other will now include the remaining components of the Other IA operating segments, specifically: New Devices Group and Netbook Group. All other will continue to include Non-Volatile Memory (NVM) and Corporate.

Analysts have a consensus price target of $25.80 on Intel Corporation (NASDAQ:INTC) which indicates a 2.6% downside. The consensus rating of the stock is a HOLD with a score of 2.41. There are currently 15 Hold Ratings, 17 Buy ratings 1 Strong Buy rating and 4 Sell ratings on the stock.

The most recent analyst action consisted of Pacific Crests upgrading the stock from sector perform to Outperform, providing a price target of $31.

 
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