Intel’s (NASDAQ:INTC) shares got a boost today as Wall Street analysts upgraded the semiconductor giant, signaling that the worst might be over. Benchmark analyst Cody Acree changed Intel’s status from Hold to Buy and set a $39 price target, explaining that the company’s outlook now factors in a worst-case scenario considering the current macroeconomic climate. Intel’s CEO, Pat Gelsinger, projects Q2 revenue to range between $11.5 billion and $12.5 billion versus consensus estimates of $11.75 billion.
Wedbush Securities analyst Matt Bryson upgraded Intel’s rating from Sell to Hold, suggesting that the company’s quarterly results might have marked a low point in sales. Bryson also increased his per-share price target from $20 to $30. However, Citi analyst Christopher Danely kept his Hold rating on Intel, noting that the company keeps losing market share to AMD. Nevertheless, he also pointed out that the PC market seems to be stabilizing.
Overall, Wall Street analysts have a Hold consensus rating on INTC stock based on five Buys, 17 Holds, and four Sells assigned in the past three months.