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INTEL CORPORATION

(INTC)
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Intel : Wall Street sees long road ahead as Intel seeks to regain market share

04/23/2021 | 11:23am EDT
FILE PHOTO: An Intel Tiger Lake chip is displayed at an Intel news conference during the 2020 CES in Las Vegas

(Reuters) - Intel Corp's shares fell 7% on Friday as Wall Street analysts raised concerns about how soon the chipmaker can close the gap with rivals as it spends billions of dollars to increase manufacturing.

In recent years, Intel has struggled with building new manufacturing technology causing it to fall behind rivals Advanced Micro Devices Inc and Nvidia Corp in the race to make smaller chips with a faster processing speed.

Patrick Gelsinger, who returned to the company as CEO this year, has announced plans to spend as much as $20 billion to build two factories and open its factories to other chip makers and advance chip manufacturing capacity.

"There are significant issues that must be overcome if this is to be a success, with investment ahead of time and profits unlikely until after 2025 if not later," Atlantic Equities analyst Ianjit Bhatti said.

"In the near term (2-3 years), we do not believe that Intel has an answer to AMD's market share gains."

On Thursday, Intel announced its second-quarter profit forecast that fell short of analysts' average expectation. The company's Chief Financial Officer George Davis told Reuters that the lower profits were because the company was investing in ramping up its new 10-nanometer and 7-nanonmeter manufacturing technologies.

Gelsinger has also announced plans to make chips for car plants at its factories to help alleviate a global chip shortage that has hit the automotive industry.

Analysts were largely on the sidelines; 26 of the 40 covering the stock have a "hold" or lower rating. Fourteen analysts have a "buy" or higher rating on the stock. The current median price target on the stock is $65, as per Refinitiv data.

"The shortage...is going to require spending on a mammoth scale for chipmakers. Spending that Intel can ill-afford as it attempts to reclaim its title as the most valuable chipmaker in the U.S.," said Samuel Indyk, senior analyst at uk.Investing.com.

(Reporting by Akanksha Rana and Eva Mathews in Bengaluru; Additional reporting by Tiyashi Datta; Editing by Shinjini Ganguli)

By Akanksha Rana and Eva Mathews


ę Reuters 2021
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Financials (USD)
Sales 2021 73 629 M - -
Net income 2021 16 947 M - -
Net Debt 2021 11 352 M - -
P/E ratio 2021 13,1x
Yield 2021 2,55%
Capitalization 220 B 220 B -
EV / Sales 2021 3,15x
EV / Sales 2022 3,15x
Nbr of Employees 110 600
Free-Float 99,5%
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Technical analysis trends INTEL CORPORATION
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TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 48
Last Close Price 54,31 $
Average target price 63,08 $
Spread / Average Target 16,2%
EPS Revisions
Managers and Directors
Patrick P. Gelsinger Chief Executive Officer & Director
George S. Davis Chief Financial Officer & Executive Vice President
Omar S. Ishrak Independent Chairman
Daniel J. McKeon Vice President-Information Technology Group
Ann B. Kelleher Senior Vice President & GM-Technology Development
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