Technology giant Intel Corporation (INTC) announced that it has partnered with Indian communications solutions provider Bharti Airtel to drive network development of 4G and 5G virtualized radio access network (vRAN) and open radio access network (RAN) technology.
Following the news, shares of the company appreciated by 1.8% in Wednesday’s trading session and closed at $56.30 in the extended trading session.
The Vice-President of Intel Corporate, Network Platforms Group, Dan Rodriguez, said, “Airtel is delivering their next-generation enhanced network with a breadth of Intel technology, including Intel® Xeon® Scalable processors and FlexRAN software to optimize RAN workloads with embedded intelligence, to scale their infrastructure and deliver on the promise of a connected India.” (See Intel stock chart on TipRanks)
On July 20, Susquehanna analyst Christopher Rolland reiterated a Hold rating on the stock with a price target of $60, which implies upside potential of 6.7% from current levels.
Rolland believes that Intel has set the bar too low for Q1 earnings. The analyst opines that Intel’s second-quarter results, followed by an event to update its process and packaging roadmaps, can increase volatility in the stock.
Consensus among analysts is a Hold based on 9 Buys, 9 Holds, and 7 Sells. The average Intel price target stands at $62.35, which implies upside potential of 10.9% from current levels.
Intel scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have declined 7.9% over the past year.