Intel Corp (NASDAQ:INTC) stock is 11.6% lower to trade at $31.04 at last check. Though the semiconductor giant's first-quarter profits beat expectations, revenue missed the mark. In addition, the blue chip's current-quarter outlook came in well below analysts' estimates.
No fewer than 18 analysts cut their price targets in response, with the lowest coming from Wolfe Research to $29 from $31. The brokerage bunch is skeptical of INTC, with 29 of 34 firms in question calling it a tepid "hold" or worse, but the 12-month consensus target price of $41.08 is a 33.1% discount to current levels. This means there is still room for additional price-target cuts.
Options traders are chiming in as well, with 173,000 calls and 115,000 puts exchanged so far, which is six times the volume typically seen at this point. The weekly 4/26 31-strike put, which expires at the close, is the most popular contract. This indicates traders expect more downside for INTC.
On track for its biggest single-day percentage drop since January, Intel stock earlier gapped to its lowest level since May. Shares are down 37.6% in 2024, with the 20-day moving average adding downward pressure.
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