It happened at yesterday's postmarket. At the same time, at the peak, the price of INTC stock reached a maximum of 2023. Here are the key points voiced by Intel CEO Pat Gelsinger:
- Sales of server chips will only recover in Q4.
- The company is prepared to take advantage of all the opportunities that open up with the development of AI.
- The company is focused on implementing the Smart Capital strategy to support sustainable growth and financial discipline.
Investors were enthusiastic about the fact that the company became profitable, earning USD 1.5 billion (in the second quarter of 2022, a loss of USD 0.5 billion was recorded).
According to MarketWatch, analysts believe that Intel can benefit from the AI revolution, but it is not yet clear if Gelsinger can avoid the mistakes of his predecessors.
The INTC stock chart shows that the price is moving within an ascending channel in 2023. Today, trading is likely to open near its upper border. And now the bulls will have to try to keep the progress made, gaining a foothold above the USD 35.00-36.50 zone, which originates in 2022 and acted as resistance during 2023.
According to the WSJ, the average target price for INTC shares is around USD 33.63, but after yesterday's report, it is likely to be revised upwards.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.