Intel (NASDAQ:INTC) stock is falling on Wednesday after the company provided investors with an update after markets closed on Tuesday!
That includes comments from management about the current state of the company, as well as its future. This took place during its meeting at the Bank of America Securities Global Technology Brokers Conference.
Here’s what David Zinsner, executive vice president and CFO at Intel, said during the event.
“Macro side, clearly it’s weaker you know, and we like everyone else will be impacted by the macro events that are unfolding here more recently, that’s clearly going to impact us as it will virtually everybody else in not only the semiconductor industry, but globally in terms of corporations. For us you know the other thing was, we had three kinds of headwinds coming into the quarter which we talked about.”
Those comments have analysts weighing in on INTC stock today. Let’s break that down below!
- Citi analyst Christopher Danely lowered estimates for 2022 revenue and earnings per share. He also expects Intel to miss estimates for the current quarter.
- SMBC Nikko Securities America analyst Srini Pajjuri cut the firm’s price target for INTC stock to $54 from $62. he also reduced 2022 estimates for the chip company.
INTC stock is down 4.2% as of Wednesday afternoon.
Investors looking for more stock market news will want to keep reading!
We’ve got all the hottest stock news traders need to know about. That includes what’s going on with shares of Tesla (NASDAQ:TSLA), penny stocks and Chinese stocks today. You can read all about that at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
