Intel (INTC) guided for "minimal" sequential growth in Q3, implying modest H2 gains amid expected negative impact from order pull ins in H1 after customers hedged against tariffs, Wedbush Securities said in a note Friday.

"Management did not provide much color around 2025 revenue and [earnings per share] expectations," Wedbush said. According to the investment firm, the company's Q2 results "nicely" topped analysts' consensus, while its Q3 and overall guidance was a "mixed bag."

Intel late Thursday reported Q2 adjusted loss of $0.10 per diluted share, swinging from a profit of $0.02 a year earlier, while revenue increased to $12.86 billion from $12.83 billion. For Q3, Intel expects a breakeven for adjusted EPS on revenue of $12.6 billion to $13.6 billion.

Wedbush reiterated that Intel's success or failure would depend on its execution of its fab roadmap. The company would need two large customers to justify the production ramp up of its 14A chip, potentially creating more uncertainty for Intel fab's future, analysts said.

Wedbush Securities reiterated its neutral rating on Intel, with a $19 price target.

Price: 20.60, Change: -2.04, Percent Change: -8.99