Intel shares are down 1.2 percent Monday after the report. Its stock is up 6.9 percent this year through Friday versus the S&P 500’s 6.2 percent return.
Curtis lowered his price target for Intel shares to $53 from $62, representing 7 percent upside to Friday’s close.
Intel said last month its 10-nanometer chips will be released for holiday 2019 compared with AMD’s 7-nanonmeter products’ launch later this year.
One nanometer equals one-billionth of a meter. Smaller nanometer chipmaking technologies historically have allowed companies to create faster, more power-efficient chips.
The analyst noted Intel’s problems in moving to its next-generation chip manufacturing technology.
“The entire competitive argument has been reduced to a comparison of process nodes and the burden is on Intel to change this storyline, which they have not to date,” he said.
Intel did not immediately respond to a request for comment.
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