Intel Corporation (NASDAQ:INTC) is a Santa Clara, California based American multinational semiconductor chip maker mostly known for making personal computers (PC’s). The electronic intelligence company released its third quarter report on Tuesday, October 14th and its results gave investors a reason to be excited.
During its Q3 results, Intel reported $0.66 earnings per share. During the same quarter last year, Intel posted $0.58earnings per share. The company earned revenue of $14.6 billion for the quarter. The company’s profit for the quarter was up 8.0% on a year-over-year basis.
This quarter marked the first quarter in which Intel shipped more than 100 million microprocessors, ultimately resulting in Intel’s largest ever quarterly revenue. Intel CEO Brian Krzanich said in a statement, “We are pleased by the progress the company is making. We achieved our best-ever revenue and strong profits in the third quarter. There is more to do, but our results give us confidence that we’re successfully executing to our strategy of extending our products across a broad range of exciting new markets.”
Shares of Intel opened at $32.09 on Tuesday, October 14th. The semiconductor chip company has a 1-year high of $35.56 and a 1-year low of $23.22. The stock’s daily moving average is $32.19 and it has a 50-day moving average of $34.35. The market cap for Intel Corporation (NASDAQ:INTC) is $159.13B and its P/E ratio is 15.92.
Ross Seymore of Deutsche Bank maintained a Buy rating for Intel on October 14th with a $40 price target. Seymore expects the company to continue to increase revenue “given the timing of new product ramps and the potential for cost improvements to lower contra-revenue impact.” Seymore is ranked #52 out of 3,353 TipRanks analysts and has a 68% success rate recommending stocks with a +25.7 average return per recommendation. He has recommended Intel 14 times with a success rate of 79%.
Separately on October 13th, Timothy Arcuri of Cowen & Co. recommended a Hold rating for Intel, noting that he was “floored by the magnitude of the move in some of the stocks,” because even though “semis are the best performing industry group in the S&P500 into Friday… but in speaking with investors, it seemed to be driven in large part by broad-based ETF selling.” Arcuri has a 54% success rate recommending stocks with an average return of +10.6% per recommendation.
On the other hand on October 14th, James Covello of Goldman Sachs reiterated a Sell rating on Intel with a price target of $20. Skeptical of the PC regaining popularity, Covello anticipated a “solid 3Q report but at best in-line 4Q guidance, as we disagree with the consensus view that Intel’s implied 4Q guidance is conservative.” Covello sees “the stock as meaningfully overvalued relative to growth.” Covello has a 49% success rate recommending stocks with an average return of -1.5% per recommendation. He has recommended Intel 16 times with a success rate of 20%.
On average, the top analyst consensus for Intel is a Moderate Buy.
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Sarah Roden writes about stock market news. Sarah can be reached at [email protected]