Intel Shares Hit 10-Year High Amid Surprising PC Growth
Shares of Intel (NASDAQ: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.
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 (NYSE:MS), and a number of price target increases, including to $35 from $30 on a “buy” rating at Deutsche Bank (NYSE:DB).
Its shares in recent trade were up 5.8% to $29.59, a 10-year high, on strong volume.