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 INTC,
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,
On Tuesday, Intel showcased focused on automated driving, gaming and laptop chips in a CES 2022 presentation. Semiconductor rivals Advanced Micro Devices Inc. AMD,
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.
