J.P. Morgan Securities resumed coverage of INTC with an “underweight” rating
The shares of Intel Corp (NASDAQ:INTC) are down 0.2% at $29.72 at last glance, after J.P. Morgan Securities resumed coverage of the stock with an “underweight” rating and $32 price target. The firm had previously carried an “overweight” rating and $64 price target, but sees stiff competition from the semiconductor’s sector peers, particularly Advanced Micro Devices (AMD).
On the charts, INTC has been climbing since its Oct. 13, over eight-year low of $24.59. The equity broke above its 60-day moving average in the last couple sessions — a trendline that had been pressuring the shares lower since early April. However, the security is still down roughly 42% year-to-date.
It’s also worth noting that Intel stock may have been overdue for a short-term dip, per its 14-day relative strength index (RSI) of 70.4, which stands in “overbought” territory.
Of the 43 analysts in coverage, eight call INTC a “buy” or better rating, 24 say “hold,” and 11 carry a “sell” or worse, while the 12-month consensus price target of $31.85 is an 7.5% premium to current levels.