Intel price target raised to $58 from $50 at Mizuho

Mizuho raised the firm’s price target on Intel to $58 from $50 and keeps a Buy rating on the shares. The firm gave its 2024 outlook across semis and automotive technologies, saying headwinds will persist with anemic global demand and a China/Europe slowdown, though inventories in PC, memory, and handset are normalizing. For 2024, the analyst sees memory and wafer fab equipment set up well as inventory and supply corrections are now mostly behind.