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Intel's Beaten-Down Stock Is Getting a Reprieve Today
Key Takeaways
- Shares of Intel recently traded at their highest levels this month.
- Investors responded positively to Monday night's turnaround update from Intel CEO Pat Gelsinger.
- Some Wall Street analysts, however, remained cautious, reiterating recent ratings and price targets on the shares.
There are signs of hope among Intel (INTC) investors.
Shares of the chipmaker rose Tuesday, lifted by Monday evening’s update on Chief Executive Officer (CEO) Pat Gelsinger’s plans to re-energize the company and reinvigorate the beleaguered stock.
The stock, up nearly 5% intraday, was eating into year-to-date losses that have cut its value roughly in half, trading at the highest levels this month.
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Monday night’s announcement—it included updates on plans for cost-cutting, fundraising, and strategy—sent the stock higher in after-hours trading. That continued Tuesday. Still, some Wall Street analysts communicated