Intel has fallen nearly 60% from its 2021 peak. Is it a buy here, despite earnings woes?
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Intel (NASDAQ:INTC) has seen choppy trading early in 2023, following a sharp decline during the previous year. While shares of the semiconductor giant have climbed a total of 6% since the end of 2022, they remain lower by 58% from their 2021 high.
Meanwhile, INTC has also suffered lately from a poor Q4 earnings report. This leads to the key question for investors: has Intelâs stock price come down enough to make it a potential buying opportunity, despite its recent earnings woes?
Poor Earnings Report & Pay Cuts
In late January, Intel (INTC) reported fourth-quarter results that missed the consensus mark. The company also issued first-quarter guidance that indicated further weakness for the organization.
Looking at the specifics, the company posted Q4 Non-GAAP EPS of $0.10 which missed estimates by $0.10. At the same time, INTC also reported revenue of $14B, a figure that came in $490M below analysts' target.
In addition to the firmâs poor earnings report, the company also disclosed that it will be trimming the salaries for its employees. The firm announced companywide cuts to employee pay, with mid-level workers seeing 5% cuts, senior leaders experiencing reductions of 10-15% and CEO Pat Gelsinger cutting his base salary by 25%.
The stock closed out 2022 at $26.43, after suffering a drop of just under 50% over the previous 12 months. Shares drifted higher in early 2023, reaching a closing mark of $30.09 in the session prior to its earnings report.
The release of the disappointing results sparked a one-day slide of about 6%. Since then, shares have struggled to hold their pre-earnings levels. During Wednesday's intraday action, INTC sat at $28.57, a decline of about 2% on the session.
Is INTC a Buy?
Wall Street seems to be on the fence about Intel, with the bulk of analysts listing the organization as a Hold. Of the 41 experts reviewed by Seeking Alpha, 25 tagged INTC as a Hold.
Meanwhile, as strong bearish contingent exists on Wall Street. Five analysts view INTC as a Sell and another five see the stock as a Strong Sell. This outstrips the bulls, with just two analysts classifying Intel as a Buy and four seeing it as a Strong Buy.
From a price target stance, the average currently sits at $28.03. That includes a high target of $45 a share and a low of $17.
Seeking Alphaâs Quant Ratings align with Wall Street analysts. The system of rating quantitative measures in comparison with industry competition generally views INTC as a Hold.
The Quant Ratings tool graded INTC an A+ for both its valuation and profitability. However, these strong showings were undermined by weak ratings for momentum and growth. These factors received grades of a D and an F, respectively.
See a breakdown below:

Supporting the bullish case is Seeking Alpha contributor Daniel Schonberger who labels INTC as a Buy. "Intel reported terrible quarterly results, but from a technical point of view, I see the stock well supported around $25," Schonberger wrote. "Although we should not ignore the short-term headwinds, Intel seems to be deeply undervalued."
On the other side of the argument, fellow SA contributor Stone Fox Capital categorizes INTC is a Sell, noting, "Intel slashed employee pay in a desperate sign the company has cash flow problems.â The firm added: "The stock faces more downside pressure on a cut or even elimination of the dividend.â
For investors who may be unsure about Intel, but still want exposure to similar stocks, there are ways to take a more diversified approach. Exchange traded funds with a heavy weighting toward INTC give the ability to take advantage of a potential advance, without taking an all-in approach to the individual stock. 
At the moment, Intel is owned by a total of 325 ETFs. Here are the five that hold the largest positions in the company:

First Trust NASDAQ Technology Dividend Index ETF (TDIV) weighted at 7.64%.
First Trust Nasdaq Semiconductor ETF (FTXL) weighted at 7.29%
Strive U.S. Semiconductor ETF (SHOC) weighted at 5.31%.
Pacer Data and Digital Revolution ETF (TRFK) weighted at 5.31%.
Invesco Dow Jones Industrial Average Dividend ETF (DJD) weighted at 5.21%.

In related Intel news, the company has reportedly demanded nearly $10B in subsidies from the German government to build a planned factory in the city of Magdelburg.