Intel Shares Spike After Stellar Earnings
NEW YORK (TheStreet) -- Intel (INTC) - Get Report shares spiked 4.7% higher to $23.90 in premarket trading Wednesday after the company reported a blockbuster first quarter.
A handful of brokerages have upped their price targets for the stock following the company's report.
>> Who Owns Intel?: Renaissance Technologies
"Intel's years of product development and cost cutting are paying off now. Positive trends of corporate spending combined with what was characterized by management as healthy supply chain inventory should allow Intel to prove June quarter as conservative," Thomas Weisel analyst Kevin Cassidy noted in a research report cited by
Reuters.
Cassidy, for one, raised his price target for Intel stock to $34 from $31.
The technology giant's outstanding first-quarter report has certainly led many to believe that a full tech sector recovery is on its way.
-- Reported by Andrea Tse in New York
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>> Intel Reports Blockbuster Earnings
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