Down Over 10% After Earnings, Is Intel Stock Still a Buy in 2024?
Shares in (NASDAQ: INTC) are down nearly 13% since Jan. 25 when it reported fourth quarter of 2023 earnings. The company posted revenue growth of 10% year over year, beating Wall Street estimates by $230 million. During the quarter, Intel enjoyed significant gains from a recovering PC market.
However, that wasn't enough to overshadow weak guidance that sent its stock tumbling. Intel expects Q1 2024 earnings to reach $0.13 per share when analysts forecasted $0.42 per share. Meanwhile, the company projects revenue to come in between $12 billion to $13 billion, considerably below the $14 billion that Wall Street expected.
However, weak guidance is why it's crucial to keep a long-term perspective when it comes to tech stocks. Intel has had a challenging few years but is restructuring its business to prioritize profits while also investing in high-growth sectors like artificial intelligence (AI).
Source Fool.com
Intel Corp. Stock
Currently there is a rather positive sentiment for Intel Corp. with 23 Buy predictions and 12 Sell predictions.
As a result the target price of 38 € shows a positive potential of 31.49% compared to the current price of 28.9 € for Intel Corp..
