Shares of Intel’s (NASDAQ:INTC) self-driving technology unit, Mobileye (NASDAQ:MBLY), surged over 37% on their first day of trading. The IPO price was $21 per share, equating to a market cap of $16.7 billion.
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The company raised $861 million, which will mostly be used to repay money owed to Intel. When also considering the timing of this IPO, it seems that Intel might be in need of cash. Otherwise, it would’ve made more sense to wait for more favorable market conditions.
Is INTC Stock a Buy, Sell, or Hold?
INTC has a Hold consensus rating based on four Buys, 15 Holds, and 11 Sells assigned in the past three months. The average INTC stock price target of $33.83 implies 24.33% upside potential.
