Bank of America analysts downgraded Intel shares to "underperform" on Friday after the chipmaker's third-quarter report revealed new weaknesses in its business.
Bank of America lowered its price target for Intel shares to $45 from $60, implying a 17% drop from Thursday's closing level over the next 12 months. Shares nearly hit the new target on Friday, reaching an intraday low of $47.66 as of 12:05 p.m. ET.
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