Shares of Intel INTC, which have declined following 10 of the company’s last 11 earnings reports, were up 5% in premarket trading Friday, even as the company generated its worst quarterly loss yet and sported what Bernstein analyst Stacy Rasgon described as “admittedly horrible” gross margins that could have farther to fall.
“Intel is still laid out on the ground,” he wrote. “But from that position it’s at least easier to look up.” Rasgon has a market-perform rating on Intel shares and a $33 target price. A former bear, he moved to that sidelined stance earlier in April.Concerns remain, however, according to Susquehanna analyst Christopher Rolland, who called Intel’s “very mixed” but a “small step in the right direction.”
“While we have been cautious on INTC given the secular shift to GPUs in a new computing era, INTC’s latest set of updates appear incrementally positive to us,” he wrote. “The updates to the roadmap suggest to us INTC’s execution is heading in the right direction; most notably, we think that the updated timeline for server given recently with Sierra Forest in 1H23 and Granite Rapids shortly after was better than expected.
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