Intel (INTC) stock is rising today even after an analyst from JPMorgan (JPM) described the tech company’s mid-term targets as “unattainable.” After reporting strong Q3 earnings yesterday, Intel has spent today trending upward despite the fact that Wall Street sentiment toward it is shifting in a negative direction. JPMorgan isn’t the only bank with a negative outlook on its growth prospects.
What’s Happening with Intel Stock?
Intel finished today strong with gains of 8%, although it has dipped in after-hours trading. That could be due to the fact Wall Street’s negative takes are finally catching up with it. Since INTC stock plunged in August, it has not recovered despite some recent momentum and is currently down 23% for the past six months.
Much of today’s momentum is likely due to Intel’s strong guidance. The chipmaker forecasted that Q4 revenue will be $13.3 billion and $14.3 billion. As this would be above estimates, it would certainly be a likely growth driver. However, not all experts are optimistic. A recent report from JPMorgan states that analysts believe that Intel’s mid-term targets “appear to already be unattainable, without any indications that management likely will update its mid-term guidepost anytime soon.”
Harlan Sur, the analyst whose team issued this take, maintains a Hold rating on INTC stock, although his $26 target implies 12% upside potential. On the other hand, Hans Mosesmann of Rosenblatt Securities maintained a Sell rating, but his price target implies 14% downside potential.
Is It Time to Sell Intel Stock?
Overall, Wall Street is sidelined on Intel. 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 falling 37% over the past year, the average INTC price target of $25.45 per share implies 9.7% upside potential.
