11:55 AM EDT, 04/26/2024 (MT Newswires) -- Intel's ( INTC ) Q2 financial outlook "left a lot to be desired," with revenue seen only rising modestly and margins projected to fall meaningfully on a sequential basis, Wedbush Securities said Friday.

Late Thursday, the technology giant said it expects Q2 non-GAAP earnings of $0.10 per share on revenue of $12.5 billion to $13.5 billion. Analysts polled by Capital IQ expect EPS of $0.11 on revenue of $13.22 billion.

Intel's ( INTC ) outlook contrasts with its previous estimate for sequential improvement through the course of the year, Wedbush analyst Matt Bryson said in a note. "In addition, we believe some incremental color that Intel ( INTC ) provided on the call was less compelling than might have been hoped for."

The brokerage lowered its price target on the Intel ( INTC ) stock to $32.50 from $40.00 while keeping its neutral rating.

The company's shares were down more than 8% in recent trading.

Price: 32.18, Change: -2.94, Percent Change: -8.36