Intel's stock sinks after Goldman turns bearish, slashes price target

Discussion in 'Market News' started by sniper-academy, Aug 10, 2018.

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  1. sniper-academy

    sniper-academy Administrator Staff Member

    Sep 30, 2011
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    Shares of Intel Corp. took a 3.1% dive in premarket trade Friday, after Goldman Sachs turned bearish on the semiconductor giant, citing competition and margin concerns. Analyst Toshiya Hari cut the rating to sell, after being at neutral for the past 2 1/2 years. Hari lowered the stock price target to $44, which is 12% below Thursday's closing price of $50.14, from $53. Hari said he believes Intel's struggles with 10 nanometer process technology will have ramifications in terms of its competitive position, across a broad set of products, which will affect Intel's ability to sustain margins and grow earnings. "While the 10nm push is well publicized at this point, we believe Intel's manufacturing issues could potentially be deeper-rooted than what most think and could potentially be deeper rooted than what most think and could have sustained impact on market share and/or spending levels as Intel competes with growing/stronger TSMC eco-system," Hari wrote in a note to clients. Intel shares have gained 8.6% year to date through Thursday, while the PHLX Semiconductor Index has rallied 11% and the S&P 500 has gained 6.7%.

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