Intel Gets Price Target Bumps By Analysts After Upbeat Q1 Results, Shares Gain

Intel Corporation INTC reported better-than-expected results for its first quarter, but issued weak earnings forecast for the current quarter.

Intel reported first-quarter revenue of $11.7 billion, which was down 36% year-over-year. The revenue total beat a Street consensus estimate of $11.04 billion.The company reported a loss of 4 cents per share in the first quarter, beating a Street estimate of a loss of 15 cents per share.

Intel said it sees Q2 adjusted EPS of $(0.04), versus analysts’ estimates of $0.01.

Intel shares rose 6% to $31.66 in pre-market trading.

These analysts made changes to their price targets on Intel following earnings announcement.

• Barclays raised the price target on Intel from $27 to $30. Barclays analyst Blayne Curtis maintained an Equal-Weight rating.
• Needham boosted the price target on Intel from $32 to $36. Needham analyst Quinn Bolton maintained a Buy rating
• Wells Fargo increased the Intel price target from $26 to $32. Wells Fargo analyst Aaron Rakers maintained an Equal-Weight rating on the stock.

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