© Reuters. FILE PHOTO: A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo) rose nearly 8% on Friday and sparked a jump in chip stocks after its upbeat forecast signaled that the personal computer market was rebounding from its quarters-long slump.
Intel forecast fourth-quarter revenue and margins above Wall Street estimates on Thursday, after it reported a smaller-than-feared decline in the segment that houses its PC business for the July-September period. After securing three unnamed clients for the contract manufacturing unit, Gelsinger told Reuters on Thursday that he expects to close a deal for a fourth customer before the end of the year.
At least 17 analysts raised their price targets on the stock, boosting the median view to $37, according to LSEG data. Intel has rallied 23% this year, but its gains have paled in comparison to the 44.6% jump at AMD and nearly three-fold rise at Nvidia.Bernstein analyst Stacy Rasgon said Intel's"AI story still seems marginal" and the"datacenter performance continues to suffer from significant headwinds".
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