Intel (INTC) Stock: $39 Target From BofA

By Amit Chowdhry ● Jul 4, 2022
  • The shares of Intel Corporation (NASDAQ: INTC) have received a $39 price target from BofA. These are the details.

The shares of Intel Corporation (NASDAQ: INTC) have received a $39 price target from BofA. And BofA analyst Vivek Arya is maintaining an “Underperform” rating on the company shares.

Arya noted that semiconductor downturns happen every 3 to 4 years and the market “could be due for another one.” And Arya noted that tighter global monetary policy, geopolitical turmoil, and consumer weakness are likely to pressure chip demand in the second half of 2022 and 2023. But unit weakness could be cushioned by a richer non-consumer mix, robust pricing, expanding content, and constrained supply, according to Arya.

Arya had cut the 2022 semiconductor sales forecast to $608 billion and the 2023 forecast to $604 billion going forward.

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