It is a time of great change at Intel (INTC), where the chipmaker is preparing to welcome one new employee and say goodbye to a great many more.
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First, Intel is bringing in a new global channel chief, Dave Guzzi. Guzzi’s predecessor, Trevor Vickers, was in the position from January 2024. The word from Intel is that Guzzi will have a lot on his plate. The biggest change is a whole new “regional engagement model” that will go into effect place in 2025.
Guzzi was previously head of Intel’s channel board of advisors and Vickers was moved to a completely different role within Intel. No further details were provided.
Thousands of Employees Let Go
And while Vickers will apparently keep a job at Intel, the same cannot be said for thousands of other employees. Intel staffers are bracing for a whole new round of layoffs set to begin next week. Intel plans to slash around 15,000 jobs, and managers have already turned in their lists of layoff recommendations.
The good news is that early retirement and separation plans have already generated about half of the 15,000 cuts. But that still leaves about 7,500 employees potentially on the chopping block.
Is Intel Stock a Buy, Hold or Sell?
Turning to Wall Street, analysts have a Hold consensus rating on INTC stock based on one Buy, 26 Holds and seven Sells assigned in the past three months, as indicated by the graphic below. After a 34.97% loss in its share price over the past year, the average INTC price target of $25.38 per share implies 9.35% upside potential.
