Intel (NASDAQ:INTC) Stock Price Target Lowered at Bank of America

Key Points

• Bank of America cut its Intel price target from $100 to $80 and maintained a neutral rating; the revised target implies 28.63% upside from the prior close.
• Other analysts also lowered price targets, including Wells Fargo to $80 and TD Cowen and Susquehanna to $75. MarketBeat’s consensus rating is Hold, with an average price target of $96.93.
• Intel beat quarterly earnings-per-share estimates ($0.52 versus $0.41), but revenue of $16.51 billion narrowly missed forecasts. CEO Lip-Bu Tan also bought 150,000 shares for about $9.7 million.

Intel (NASDAQ:INTC - Get Free Report) had its price objective cut by analysts at Bank of America from $100.00 to $80.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a "neutral" rating on the chip maker's stock. Bank of America's price target points to a potential upside of 28.63% from the stock's previous close.

Several other equities research analysts have also commented on the stock. Wells Fargo & Company decreased their price objective on shares of Intel from $120.00 to $80.00 and set an "equal weight" rating on the stock in a research report on Friday, October 30th. TD Cowen dropped their target price on shares of Intel from $95.00 to $75.00 and set a "hold" rating for the company in a report on Friday, October 30th. Susquehanna cut their target price on shares of Intel from $105.00 to $75.00 and set a "neutral" rating for the company in a research report on Friday, October 30th. Northland Securities set a $93.00 target price on shares of Intel in a research report on Friday, October 30th. Finally, Pivotal Research began coverage on shares of Intel in a report on Tuesday, September 8th. They issued a "buy" rating on the stock. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, twenty-eight have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Intel has a consensus rating of "Hold" and a consensus price target of $96.93.

Intel Price Performance

INTC stock traded down $0.30 during midday trading on Thursday, hitting $62.20. 48,199,568 shares of the stock were exchanged, compared to its average volume of 118,949,234. The stock's 50-day moving average price is $96.19 and its 200-day moving average price is $86.73. The stock has a market cap of $330.57 billion, a price-to-earnings ratio of -25.75, a PEG ratio of 6.22 and a beta of 2.42. Intel has a fifty-two week low of $32.89 and a fifty-two week high of $142.35. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.95 and a current ratio of 2.31.

Intel (NASDAQ:INTC - Get Free Report) last posted its earnings results on Thursday, October 29th. The chip maker reported $0.52 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $0.11. The company had revenue of $16.51 billion for the quarter, compared to the consensus estimate of $16.56 billion. Intel had a positive return on equity of 4.70% and a negative net margin of 20.09%. Intel's quarterly revenue was up 20.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.23 earnings per share. Research analysts predict that Intel will post 1.04 earnings per share for the current year.

Insider Transactions at Intel

In other news, CEO Lip Tan bought 150,000 shares of Intel stock in a transaction on Monday, November 2nd. The shares were bought at an average cost of $64.73 per share, for a total transaction of $9,709,500.00. Following the acquisition, the chief executive officer owned 1,464,669 shares in the company, valued at approximately $94,808,024.37. This trade represents a 11.41% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.05% of the company's stock.

Institutional Investors Weigh In On Intel

A number of hedge funds and other institutional investors have recently modified their holdings of INTC. State Street Corp raised its holdings in Intel by 3.0% in the 3rd quarter. State Street Corp now owns 223,326,623 shares of the chip maker's stock valued at $26,850,560,000 after acquiring an additional 6,476,948 shares during the last quarter. Ilmarinen Mutual Pension Insurance Co lifted its stake in shares of Intel by 1.5% during the 3rd quarter. Ilmarinen Mutual Pension Insurance Co now owns 600,736 shares of the chip maker's stock worth $72,226,000 after purchasing an additional 8,778 shares during the period. Fort Sheridan Advisors LLC boosted its holdings in shares of Intel by 1.2% during the third quarter. Fort Sheridan Advisors LLC now owns 58,338 shares of the chip maker's stock worth $7,014,000 after purchasing an additional 700 shares during the last quarter. E Fund Management Hong Kong Co. Ltd. boosted its holdings in shares of Intel by 128.6% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 75,426 shares of the chip maker's stock worth $9,068,000 after purchasing an additional 42,428 shares during the last quarter. Finally, Sumitomo Life Insurance Co. grew its position in shares of Intel by 0.7% in the third quarter. Sumitomo Life Insurance Co. now owns 42,081 shares of the chip maker's stock valued at $5,059,000 after purchasing an additional 285 shares during the period. 64.53% of the stock is currently owned by hedge funds and other institutional investors.

Intel News Summary

Investors following INTC have been watching these news items:

• Positive Sentiment: CEO Lip-Bu Tan bought 150,000 Intel shares for about $9.7 million on Nov. 2, a sizable personal investment that may signal confidence in the company, though it does not resolve its operating challenges. Article: Intel CEO stock purchase
• Negative Sentiment: Reports about Nvidia CEO Jensen Huang’s possible departure have rattled chip stocks, including Intel. Nvidia’s roughly $5 billion investment in Intel is now worth about $13.4 billion; analysts see forced selling as unlikely, but uncertainty could slow future deals and cloud the strategic relationship. Article: Huang’s potential exit and Nvidia’s Intel stake
• Negative Sentiment: Pomerantz LLP said it is investigating potential claims on behalf of Intel investors. The announcement is not a finding of wrongdoing, but adds a legal overhang and uncertainty for shareholders. Article: Pomerantz investor investigation

Intel Company Profile

Intel Corporation is a semiconductor company that designs and manufactures processors and related technologies. Its products include central processing units for personal computers and servers, graphics and AI accelerators, and platforms and components for data center, networking, and edge computing applications. The company also operates Intel Foundry, which provides semiconductor manufacturing, packaging, and related services for Intel and external customers. Intel serves customers and businesses around the world through its products, technologies, and manufacturing operations.

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