Shares of Intel (INTC) opened at a 10-year high on Friday as analysts applauded its sweetened revenue outlook and the chip maker said demand for business computers has been strong.
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Intel had been expecting flat sales this year, but changed its tune to “some growth” after booking strong business computer sales. This comes despite a years-long decline in personal PC sales as consumers opt for smaller tablets, netbooks and become more reliant on their smartphones.
The Santa Clara, Calif.-based tech giant said late Thursday that it now anticipates revenue of $13.7 billion, plus or minus $300 million, in the current quarter. That's up from an earlier view of just $12.5 billion to $13.5 billion. Analysts on average are calling for sales of $13.02 billion.
This triggered a wave of upbeat analyst notes, including upgrades to “buy” from “neutral” at Roth Capital, to “equal-weight” at Morgan Stanley (MS), and a number of price target increases, including to $35 from $30 on a “buy” rating at Deutsche Bank (DB).
Its shares in recent trade were up 5.8% to $29.59, a 10-year high, on strong volume.