It was a bitter day for chip stock Intel (NASDAQ:INTC), as it took some withering new remarks from Bernstein analysts. In fact, it was sufficiently bad news to send Intel down nearly 2.5% in Friday afternoon’s trading.
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Intel rolled out the red carpet and put on a foundry segmentation event, where it looked to describe its progress in the chip foundry sector, a point that Intel has been looking to grow for some time now. However, it didn’t exactly go well, as the key takeaway that Bernstein analysts got was there was “…no real reason to be here until 2030.”
Bernstein ended up rating Intel as Market Perform and giving it a price target of $42 per share, which is actually a premium over what it’s trading at right now, around $38. The problem here was that, despite the fact that Intel has already brought out negative margins and outright losses, it’s a safe bet things will stay bad for a while or possibly get worse. Those aren’t encouraging developments, and Bernstein responded accordingly.
Is Intel a Buy, Hold, or Sell?
Turning to Wall Street, analysts have a Hold consensus rating on INTC stock based on six Buys, 24 Holds, and four Sells assigned in the past three months, as indicated by the graphic below. After a 19.93% rally in its share price over the past year, the average INTC price target of $45.88 per share implies 17.84% upside potential.
