Intel (INTC) stock soared Friday alongside reports of the semiconductor company being an acquisition target. Tech newsletter SemiAccurate is behind this report, claiming to have seen an email about another company wanting to acquire Intel completely.
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The report doesn’t reveal the name of the company wanting to acquire Intel. Even so, it claims this unnamed entity has the resources needed to fully acquire the chipmaker. Intel hasn’t responded to the acquisition reports and it’s unknown how far along potential negotiations are.
What’s clear is the investor excitement building around the reports of an Intel acquisition. This has INTC stock up 6.41% as of this writing with over 56 million shares traded. That’s closing in on the company’s three-month daily average trading volume of 69.64 million units. Investors will note that INTC stock is down 54.1% over the past year.
Intel’s Ongoing Troubles Make a Purchase Possible
Intel has been struggling lately as its chips haven’t performed as well as hoped. That includes problems baked into its 13th and 14th generation of processors. While Intel introduced a fix for this issue, it only helped new chips, not ones already suffering, leaving many owners disgruntled.
This, and other difficulties, resulted in Intel’s Board of Directors ousting CEO Pat Gelsinger. The Board didn’t believe in his plan to turn the company around, instead handing control to co-CEOs David Zinsner and Michelle Johnston Holthaus while searching for a replacement CEO.
Is INTC Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Intel is Hold based on one Buy, 21 Hold, and four Sell ratings over the last three months. With that comes an average price target of $24.68, a high of $28, and a low of $20. This represents a potential 16.97% upside for INTC shares.
