Here’s Why Citi Bumped Up Price Target of This Top Chipmaker by 12 Percent

January 18, 2022Updated: January 19, 2022

Citi analyst Christopher Danely raised the firm’s price target on Intel Corp. to $58 from $52 and reiterated a Neutral rating on the shares. The price target implies an upside of 4.1 percent.

The analyst’s channel checks indicate the recent surge in enterprise demand and notebook orders will drive upside to Intel’s Q4 and Q1 consensus estimates.

He raised estimates and added a “positive Catalyst Watch” for the stock due to the near-term upside.

Danely expects the stock to trade well into Intel’s analyst day in mid-February.

However, he still expects the company to continue to lose market share and that its growth efforts will result in downside to consensus estimates over time.

By Anusuya Lahiri

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