Intel Stock Hits 5-Month Low As Mizuho Lowers Price Target, Citi Stays 'Neutral' As Investors Await Pat Gelsinger's Replacement: Retail Turns Bullish
Synopsis
Intel’s stock has been battered for a while now – it is currently at the level it was at nearly 22 years ago. The chipmaker has been trying to turn around its fortunes for years now.
Shares of Intel Corp. (INTC) fell to a five-month low on Friday after analysts at Mizuho lowered their price target for the chipmaker’s stock.
At the time of writing, Intel's share price was down nearly 4.6%, hovering around $18.96, a level last seen in September.
According to TheFly, Mizuho lowered its price target for Intel from $23 to $21 – a level Intel was last trading at in August last year – while maintaining a rating of ‘neutral.’
Apart from Mizuho’s price target reduction, another factor impacting Intel’s stock price on Friday is President Joe Biden’s reported plan to announce more chip export restrictions.
Intel’s stock has been battered for a while now – it is currently at the level it was at nearly 22 years ago. The chipmaker has been trying to turn around its fortunes for years now, and bringing back Pat Gelsinger was an attempt undertaken in the same vein.
However, with Gelsinger now out and Qualcomm Inc. (QCOM) having reportedly dropped its plans to acquire Intel, the chipmaker is waiting for a new captain to steer the ship.
Meantime, analysts at Citi maintained their ‘Neutral’ rating but added that they expect Intel to hire a new CEO in a “couple of months,” according to a note seen by SeekingAlpha.
However, retail sentiment on Stocktwits was exuberant, turning ‘extremely bullish’ (81/100) from ‘bearish’ (37/100) a day ago. Message volume also witnessed a spike, rising to ‘high’ (62/100) from ‘normal’ (49/100) levels.
One user said it’s now or never as far as buying the Intel stock is concerned.
Another user commented the stock is “oversold.”
Not everyone is sold on the bullish sentiment, though.
Intel stock price has fallen by more than 45% in the past six months, while its one-year decline is worse, at nearly 60%.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.