Why Intel Stock Slumped Today Despite an Analyst's Price Target Bump
When a stock pundit increases their price target on a company's shares, they tend to rise at least modestly in price. Unfortunately for stockholders of storied tech hardware company (NASDAQ: INTC), the opposite occurred on Thursday -- their company lost 0.4% of its market value following the move. That, however, more or less matched the drop of the S 500 index that trading session.
The prognosticator behind the Intel raise was Bernstein's Stacy Rasgon, and the hike was substantial. He added $6 to his price target on the stock for a new level of $42. This does not, however, make him bullish on the veteran tech company's prospects; he maintained his market perform (hold, in other words) recommendation.
It wasn't immediately apparent why Rasgon bulked up his target price, but it comes early in what is already shaping up to be an eventful year for Intel. On Wednesday, the company and investment firm DigitalBridge Group announced they have created a new specialized company focused on artificial intelligence (AI) solutions for businesses.
Source Fool.com
Intel Corp. Stock
Currently there is a rather positive sentiment for Intel Corp. with 26 Buy predictions and 12 Sell predictions.
As a result the target price of 41 € shows a positive potential of 44.16% compared to the current price of 28.44 € for Intel Corp..
