{"id":6158,"date":"2023-10-27T22:22:15","date_gmt":"2023-10-27T22:22:15","guid":{"rendered":"https:\/\/infundpros.com\/markets\/intel-stock-surges-wall-street-senses-a-turnaround-story\/"},"modified":"2023-10-27T22:22:15","modified_gmt":"2023-10-27T22:22:15","slug":"intel-stock-surges-wall-street-senses-a-turnaround-story","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=6158","title":{"rendered":"Intel Stock Surges. Wall Street Senses a Turnaround Story."},"content":{"rendered":"
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Intel shares were gaining early on Friday. Analysts were upbeat about the chip maker\u2019s results but expressed cautious confidence in both its manufacturing and artificial-intelligence strategies.\u00a0<\/p>\n

\n Intel
\n (ticker: INTC) shares were up 7.3% at $34.90 in premarket trading on Friday after its third-quarter earnings report the previous day. That\u2019s set to add to a 23% gain this year so far through to Thursday\u2019s close.\u00a0<\/p>\n

\n

For bulls on the stock, Intel led by CEO Pat Gelsinger provided further signs that its chip-manufacturing services are attracting clients and investment. The costly expansion of the Foundry business has taken its toll on margins, but a gross margin of 45.8% for the quarter beat expectations of around 43%.\u00a0<\/p>\n

\u201cWe expect sentiment to continue to improve on moderating share losses, improving execution, margin recovery, Foundry progress, and emerging AI opportunity,\u201d wrote Raymond James analyst Srini Pajjuri in a research note.\u00a0<\/p>\n

Pajjuri raised his target price on Intel to $42 and kept an Outperform rating on the stock.\u00a0<\/p>\n

Another major question hanging over the stock is whether Intel can compete with
\n Nvidia
\n (NVDA) and
\n Advanced Micro Devices
\n (AMD) in the market for chips to power AI data centers.
\n Nvidia
\n shares were up 1.8% in premarket trading, while AMD was up 2.2%.\u00a0<\/p>\n

\u201cIntel looks to be having success with its new products recently released while it continues to bleed market share to AMD in the mainstream volume server space,\u201d Benchmark Research analyst Cody Acree wrote.\u00a0<\/p>\n

Acree kept a Buy rating and $42 target price on the stock, arguing future chip releases will likely help it win back share in data centers.<\/p>\n

Even for the bears, Intel provided a better performance than expected. However, Truist Securities analyst William Stein noted that the improvement was driven by signs of recovery in the personal-computer market.\u00a0That\u2019s a good sign for Intel but it will likely face tougher competition in the sector in future, with Qualcomm (QCOM) recently announcing a push into AI-capable chips for PCs. <\/p>\n

\u201cWe see this less as a structural change and more as a cyclical improvement coming 1-2 quarters earlier than we modeled,\u201d Stein wrote. He kept a Hold rating on the stock but raised his target price to $38 from $37.\u00a0<\/p>\n

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<\/p>\n

\n CEO Pat Gelsinger on why China is so important to the chips business.
\n <\/figcaption><\/figure>\n<\/p><\/div>\n

Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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