Blue-Chip Tech Stock Dips After Lackluster Guidance

The stock is brushing off a first-quarter earnings and revenue beat

Deputy Editor
Apr 29, 2022 at 10:15 AM
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Analysts are adjusting their price objectives on Intel Corporation (NASDAQ:INTC), as the blue-chip semiconductor giant's shares suffer a post-earnings pullback. Though the company reported first-quarter earnings of 87 cents per share on revenue of $18.35 billion, both of which beat Wall Street's estimates, its weaker-than-expected current-quarter forecast is weighing on Intel stock this morning -- last seen down 6.2% to trade at $43.93. 

So far, no fewer than five analysts have responded to the report with price-target cuts, including Wedbush, which moved down to $44 from $45, while Credit Suisse cut its price target by $10 to $60. What's more, the stock's 12-month consensus target price of $52.94 is an 18.1% premium to current levels, which means more price-target cuts could be on the way.  

Options traders are swarming the equity in droves, with options volume running at five times what's typically seen at this point, and pacing in the 99th percentile of its annual range. Specifically, 44,000 calls and 26,000 puts have crossed the tape so far. The January 20, 2023 55 call is the most popular, followed by the May 52 call. 

INTC is now sitting at a 14% year-to-date deficit and has shed almost 25% in the past 12 months. The stock has been struggling since the 200-day moving average rejected its late-March rally, and earlier the shares came back within striking distance of their Feb. 24 annual low of $43.62.

 

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