UPDATE: Miller Tabak Reiterates Neutral Rating, Lowers PT on Intel Corporation

In a report published Wednesday, Miller Tabak + Co. reiterated its Neutral rating on Intel Corporation (NASDAQ: INTC), but slightly lowered its price target from $27.00 to $26.00.

Miller Tabak noted, “Our fears that guidance and our estimates for the September quarter and second half of the year might have been too bullish appear to be coming to fruition. Since Intel reported various key OEM's have reported weak quarters and offered weak guidance. Previously we had pointed to a slow down higher up the food chain and we suspected that softer trends were in the enterprise as well as consumer markets. We wanted to await reports from key OEM's to confirm our assumptions. Recent reports from OEM's have indeed shown weakness across the server and PC market. Our data, shown below, is supportive of a broad weakness in demand. Based on this data we lower our estimates for the company for the balance of the year and into 2013. Based on our lowered EPS targets we lower our target price slightly to $26 from $27 and retain our Neutral rating. Until such time that the PC and server market recovers we do not see any reason for the stock to show any meaningful strength.”

Intel Corporation closed on Tuesday at $24.42.