Updated from 10:26 a.m. EDT.
NEW YORK (TheStreet) -- Shares of Intel (INTC) were sliding 5.7% to $35.60 on heavy trading volume late Wednesday afternoon after the company reported lower-than-expected fourth quarter revenue guidance.
Late yesterday, the Santa Clara, CA-based chipmaker said it is looking for revenue of $15.7 billion for the fourth quarter, plus or minus $500 million. Wall Street expects $16.1 billion.
For the third quarter, Intel posted adjusted earnings of 80 cents per share, topping analysts' estimates of 73 cents per share.
Revenue for the period was $15.78 billion which beat Wall Street's anticipated $15.58 billion.
Jefferies said today that Intel's fourth quarter outlook is "disappointing but beatable," as it appears conservative.
The firm lowered its price target to $46 from $49 but kept a "buy" rating on Intel shares.
Roth Capital cut its price target to $40 from $43 on Intel stock today, reiterating a "buy" rating, according to the Fly.
Intel shares should rally after expectations reset, Roth noted.
The firm also sees positives in the company's shift toward growth areas like cloud data center, networking and Internet of Things.
More than 55.38 million shares of Intel have traded hands so far today vs. the 30-day average volume of 22.77 million shares.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B+.
The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, good cash flow from operations, solid stock price performance and expanding profit margins. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: INTC