Shares of Intel (NASDAQ: INTC) tumbled to kick off the new year, falling as much as 5.6%. As of 3:35 p.m. ET, the stock was down 5.19%.
Part of what dragged the semiconductor company down was the stock market’s broader decline to start the year. A Wall Street analyst also added fuel to the fire. Despite issuing a higher price target, the analyst doesn’t view Intel as one of a select group of “attractive” chip stocks.
Less downside for Intel
Stifel analyst Tore Svanberg maintained a hold rating on Intel, though he increased his price target to $45 from $38. While that might seem like good news at first glance, it suggests an additional downside of 10% compared to Friday’s closing price.
The analyst laid out criteria for the semiconductor stocks he views as “attractive” heading into 2024. Svanberg believes this “ideal mix” includes stocks down from their recent highs, with strong balance sheets, and well situated to benefit from the ongoing artificial intelligence (AI) revolution – but…
2024-01-02 16:12:27
Link from finance.yahoo.com
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