Cantor Fitzgerald trimmed its price target on Intel (NASDAQ:INTC) to $20 from $29 while maintaining a Neutral rating, signaling caution ahead of the company’s upcoming earnings on Thursday and leadership transition. This will mark the first earnings call under new CEO Lip-Bu Tan, and the firm anticipates Intel may use the moment to reset expectations amid a challenging macro backdrop.

Analysts expect results to land in line but foresee weaker guidance as the company repositions under new leadership. While no formal calendar-year 2025 guidance is expected, investors will look for clarity on potential structural changes, including developments around Intel’s Foundry business and any joint venture announcements.

Cantor believes aggressive cost-cutting could follow and sees upcoming events—like the April 29 Intel Foundry Day—as key catalysts. Although the long-term sum-of-the-parts valuation remains at $26, a steep road ahead keeps the firm on the sidelines.