Why Intel Stock Rose Today
Shares of Intel (NASDAQ: INTC) have risen today, up by 5% as of 12:15 p.m. EDT, after a Wall Street analyst increased estimates for the chipmaker. Jefferies' Mark Lipacis boosted his price target on the stock from $53 to $62 while reiterating a hold rating.
Lipacis believes that Intel's data center business is enjoying strong demand from hyperscale customers. With the novel coronavirus pandemic causing many people to work from home, demand for data center components that power the cloud is booming. Data center leasing volumes are also high, which should also contribute to better-than-expected sales of data center chips in the first quarter.
Image source: Intel.
Source Fool.com
