Semiconductor Stock Pops on Rare Upgrade

Brokerages are still exceedingly bearish toward INTC

Deputy Editor
Feb 23, 2023 at 10:39 AM
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Intel Corp (NASDAQ:INTC) stock is up 1% at $25.73 at last glance, after Morgan Stanley upgraded the chipmaker to "equal weight" from "underweight," though the firm also trimmed its price target to $28.00 from $29.50. The semiconductor sector is also receiving a general boost from Nvidia's (NVDA) strong 2023 forecast and its shares' surging price action. 

Despite today's gains that are set to snap a four-day losing streak, INTC remains near its Oct. 13 nine-month low of $24.59. The $31 level has rejected the equity's past two rallies, the last of which coincided with long-term pressure at the 160-day moving average.

It's worth noting that INTC's 14-day relative strength index (RSI) of 28.2 sits in "oversold" territory, meaning a short-term rise could've been overdue. Year-over-year, the stock is down 42.2%. 

Plenty of analysts cover Intel stock, with overwhelmingly bearish results. Of the 43 in coverage, only four carry a "buy" or better rating. Meanwhile, short interest has been building -- up 21.6% during the most recent two-week reporting period. 




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