Shares of Intel (NASDAQ:INTC) fell in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2023. Earnings per share came in at $0.54, which beat analysts’ consensus estimate of $0.45 per share.
Sales increased by 10% year-over-year, with revenue hitting $15.4 billion. This beat analysts’ expectations by $230 million.
Looking forward, management now expects a revenue range and adjusted earnings per share for Q1 2024 of $12.2 billion to $13.2 billion and $0.13, respectively. For reference, analysts were expecting $14.16 billion in revenue along with an adjusted EPS of $0.32.
What is the Target Price for Intel?
Turning to Wall Street, analysts have a Hold consensus rating on INTC stock based on eight Buys, 22 Holds, and three Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average INTC price target of $46.32 per share implies 6.29% downside risk.
