Nomura Global Market Research analysts Romit Shah, Sanjay Chaurasia and Sidney Ho maintain Neutral ratings for Intel Corporation (NASDAQ:INTC) as the tech giant pushes for wearable technology at the Consumer Electronics Show (CES) 2014.
Intel’s CEO Brian Krzanich delivers speech
Intel Corporation (NASDAQ:INTC) CEO Brian Krzanich delivered his first CES speech as opening keynote for the event. The key focus area of the keynote was Intel’s push into the wearable technology. Taking a page from other companies such as QUALCOMM, Inc. (NASDAQ:QCOM) and Google Inc (NASDAQ:GOOG), Intel showcased its own efforts in this area.
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Intel Corporation (NASDAQ:INTC) demonstrated an earbud with built-in sensors for tracking pulse rate, a smartwatch, and a low-power Quark-based platform (Edison) that can be used to build other connected devices. While these efforts look incremental, we think these investments will help in building momentum for wearable and connected devices.
Intel continues to push the 2-in-1 device category
To strengthen its push, Intel Corporation (NASDAQ:INTC) announced that it will also support dual-OS capability whereby users will be able to switch between Windows and Android. While key details such as performance and pricing of such devices are missing, we think Intel could differentiate its chips vs ARM on this feature.
Our price target of $24 is based on a multiple of 13x CY14E EPS of $1.80. This multiple is below the 3-year high of 14x and above the low of 8x.
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