Intel Corp. shares rallied Wednesday after the chip maker received an analyst upgrade on the belief that the chip maker is starting to execute on its turnaround.
Intel
INTC,
+3.12%
shares gained as much as 5.7% in Wednesday morning trading, while the PHLX Semiconductor Index
SOX,
-0.83%
was down 0.3%. Shares retreated a bit not long after noon eastern time, and were recently trading between 3% and 4% higher.
Northland Capital markets analyst Gus Richard raised his rating on Intel to outperform with a price target of $62 even though there remain “lots of negatives.”
“For the first time in many years, we think Intel is starting to execute
on a coherent strategy,” Richard said. “We expect Intel to leverage its [System in Package] capability and optimize its fab resources producing die that is best built on older technology.”
Richard said he believes that Intel will likely outsource silicon wafer manufacturing to Taiwan Semiconductor Manufacturing Co.
TSM,
-2.92%
for smaller transistor sizes like 3-nanometers, and has been talking to to TSMC about working together on a 2-nm process.
On Tuesday, Intel showcased focused on automated driving, gaming and laptop chips in a CES 2022 presentation. Semiconductor rivals Advanced Micro Devices Inc.
AMD,
-3.44%
and Nvidia Corp.
NVDA,
-3.10%
also revealed new products at the Las Vegas tech conference.
Of the 41 analysts who cover Intel, 12 have buy ratings, 20 have hold ratings, and nine have sell ratings, along with an average price target of $55.29.
Source: https://www.marketwatch.com/story/intel-stock-rallies-after-upgrade-says-chip-maker-is-starting-to-executeon-a-coherent-strategy-11641405507?siteid=yhoof2&yptr=yahoo
Intel stock rallies after upgrade says chip maker ‘is starting to execute on a coherent strategy’
Intel Corp. shares rallied Wednesday after the chip maker received an analyst upgrade on the belief that the chip maker is starting to execute on its turnaround.
Intel
+3.12%
-0.83%
INTC,
shares gained as much as 5.7% in Wednesday morning trading, while the PHLX Semiconductor Index
SOX,
was down 0.3%. Shares retreated a bit not long after noon eastern time, and were recently trading between 3% and 4% higher.
Northland Capital markets analyst Gus Richard raised his rating on Intel to outperform with a price target of $62 even though there remain “lots of negatives.”
“For the first time in many years, we think Intel is starting to execute
on a coherent strategy,” Richard said. “We expect Intel to leverage its [System in Package] capability and optimize its fab resources producing die that is best built on older technology.”
Richard said he believes that Intel will likely outsource silicon wafer manufacturing to Taiwan Semiconductor Manufacturing Co.
-2.92%
TSM,
for smaller transistor sizes like 3-nanometers, and has been talking to to TSMC about working together on a 2-nm process.
On Tuesday, Intel showcased focused on automated driving, gaming and laptop chips in a CES 2022 presentation. Semiconductor rivals Advanced Micro Devices Inc.
-3.44%
-3.10%
AMD,
and Nvidia Corp.
NVDA,
also revealed new products at the Las Vegas tech conference.
Of the 41 analysts who cover Intel, 12 have buy ratings, 20 have hold ratings, and nine have sell ratings, along with an average price target of $55.29.
Source: https://www.marketwatch.com/story/intel-stock-rallies-after-upgrade-says-chip-maker-is-starting-to-executeon-a-coherent-strategy-11641405507?siteid=yhoof2&yptr=yahoo