Global technology giant Intel (INTC) has decided to work with Reliance Jio, an Indian telecommunications company, to develop 5G networking technology, Reuters said in a report. Last year, Intel’s venture capital unit invested $250 million in Jio Platforms, a subsidiary of Reliance Industries.
The executive vice-president and general manager of the data platforms group at Intel, Navin Shenoy, said, “5G in India is going to be massive, and Reliance Jio is doing it in a non-legacy way.” (See Intel stock charts on TipRanks)
Citigroup analyst Christopher Danely recently reiterated a Hold rating on the stock and decreased the price target from $65 to $60 (7.4% upside potential).
In a research note, Danely said, “Over the past few quarters, the upside in notebook orders has portended upside to Intel. Given the recent downside in notebook orders, we expect downside at Intel as well.”
The analyst expects the company’s 2021 revenues and earnings per share (EPS) to be $71.6 billion and $4.49, respectively. For 2022, Danely predicts EPS of $4.66 and revenues of $71.7 billion.
Overall, the stock has a Hold consensus rating based on 12 Buys, 11 Holds, and 8 Sells. The average Intel analyst price target of $66.12 implies 18.35% upside potential from current levels. The company’s shares have gained 12.5% year-to-date.
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