Intel Stock Forecast 2023: Will INTC Break Above $40?
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Intel Stock Forecast 2023: Latest news
- Intel is set to report its second-quarter results after the market closes. Wall Street is worried about the risk that surging demand for artificial intelligence chips could divert funds away from the company’s traditional processors. Analysts are expecting Intel to report revenue of $12.1 billion and an adjusted loss of 4 cents a share for the June quarter.
- Intel and Ericsson have announced a strategic collaboration agreement to utilize Intel’s 18A process and manufacturing technology for Ericsson’s future next-generation optimized 5G infrastructure.
- Intel has released 34 open source AI reference kits that make it easier for developers and data scientists to deploy AI applications. The kits are built on the oneAPI open, standards-based, heterogeneous programming model and components of Intel’s AI software portfolio. They can reduce the time to solution from weeks to days, helping developers train models faster and at a lower cost.
Intel Stock Forecast 2023: Price Target
|Intel Stock Forecast Price Target for Next 12 Months||$32.1|
Intel Stock Forecast Today
|Overall Outlook||Partially Bullish|
|1. Market's Wisdom||Neutral|
|1a. Market Data||Partially Bearish|
|1b. Technical Recommendation||Buy|
|2. Crowd's Wisdom||Partially Bullish|
|2a. Social Media Buzz||Higher|
|2b. Social Media Sentiment||Steady|
Intel Stock Forecast 2023: Q1 Results
- The company’s Q1 2023 revenue was $11.7 billion, marking a decrease of 36% YoY. Net income attributable to Intel for Q1 2023 was $(2.8) billion, a 134% decrease from $8.1 billion in Q1 2022.
- Intel’s various business units saw significant revenue changes: Client Computing Group revenue dropped by 38%, Data Center and AI was down by 39%, Network and Edge saw a 30% decrease, while Mobileye saw an increase of 16%.
- First-quarter GAAP earnings per share (EPS) was $(0.66), and non-GAAP EPS was $(0.04).
- GAAP gross margin decreased to 34.2% from 50.4% in Q1 2022, whereas non-GAAP gross margin went down to 38.4% from 53.1%.
- Intel forecasts revenue of $11.5 billion to $12.5 billion for Q2 2023, with an expected second-quarter EPS of $(0.62) and non-GAAP EPS of $(0.04).
Intel Stock Forecast 2022: Q4 Results
- Q4 revenue was $14.0 billion, marking a 32% YoY decrease. The full-year revenue stood at $63.1 billion, down 20% YoY.
- The Q4 EPS was $(-0.16), while the non-GAAP EPS was $0.10. Full-year EPS was $1.94, with non-GAAP EPS at $1.84.
- Notably, Intel announced cost-reduction targets of $3 billion in 2023, aiming for $8 billion to $10 billion by 2025 end.
- The board of directors declared a quarterly cash dividend of $0.365 per share.
- The company projects Q1 2023 revenue between $10.5 and $11.5 billion and expects a first-quarter EPS of $(-0.80) (non-GAAP EPS of $(-0.15)).
Business unit performance highlights:
- Client Computing Group (CCG): Revenue of $5.8 billion in Q1, 2023, down 38% (Q1, 2022)
- Data Center and AI (DCAI): Revenue of $3.7 billion in Q1, 2023, down 39% (Q1, 2022)
- Network and Edge (NEX): Revenue of $1.5 billion in Q1, 2023, down 30% (Q1, 2022)
- Mobileye: Revenue of $458 million in Q1, 2023, up 16% (Q1, 2022)
- Intel Foundry Services (IFS): Revenue of $118 million in Q1, 2023, down 24% (Q1, 2022)
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