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.

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Source Fool.com