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Intel Corp (NASDAQ:INTC) is trading lower after multiple analyst firms lowered price targets on the stock following its second-quarter financial results. While the company beat consensus estimates, chip shortage concerns weighed on the stock Friday morning.
'While I expect the shortages to bottom out in the second half, it will take another one to two years before the industry is able to completely catch up with demand,' said CEO Pat Gelsinger.
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Analyst Assessment: Mizuho analyst Vijay Rakesh maintained Intel with a Buy rating and lowered the price target from $72 to $70.
Wells Fargo analyst Aaron Rakers maintained Intel with an Equal-Weight rating and lowered the price target from $70 to $60.
Roth Capital analyst Suji Desilva maintained Intel with a Neutral rating and lowered the price target from $65 to $60.
Morgan Stanley maintained Intel with an Overweight rating and lowered the price target from $72 to $70.
Price Action: Intel has traded as high as $68.49 and as low as $43.61 over a 52-week period.
At last check Friday, the stock was down 5.27% at $52.97.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.