Bernstein Upgrades Intel To Market-Perform With $30 Target
The analysts at Berstein have upgraded the Intel stock rating To market-perform. Earlier, the tech giant's stock rating was 'underperform,' with a share price target of $20.
But after the recent rating update from Bernstein, the Intel stock's forecast is set at $30, which tells us that things might be turning around for Intel.
Mid-Term Setup Has Improved For Intel
According to the analysts, the medium-term outlook for Intel has improved, but things still continue to look bad.
They also commented on how they had a negative view of Intel's stock for quite some time now. For this, they cite the poor decisions by the company's management and a weak consumer market. In addition, the tech company also burned through billions of dollars in cash and lost 50% of its stock price.
But after the recent rating update by Bernstein and the recent stock performance of Intel, it appears that things are now setting down. At the very least, it appears that things are unlikely to get worse with Intel!
Berinstein analysts reaffirmed that things are still ugly for Intel. On that front, they have no problem at all, but they also point out downside is now limited for the stock.
And if we look at AMD, the analysts are suggesting the buyers take profits after the recent bullish move. In fact, they are even suggesting selling AMD and buying Intel stock.
During Monday's premarket session, Intel shares were up by 0.5%, which suggests that it was only slightly bullish after the rating outlook update.
There's no doubt that 2022 was a tough year for Intel as well as other tech stocks. And in 2023, it appears that the global demand for chips, computers, & related products will still be the same, if not worse.
However, we also can't ignore the fact that Intel stock prices are now lower than they were a few months ago. So even that fact alone can lead to a medium-term bullish move in this tech stock.