Intel: HSBC upgrades to 'Hold'

(CercleFinance.com) - On Tuesday HSBC upgraded Intel shares from "reduce" to "hold", with a target price maintained at $20 (cp: $21.
5; pmt +2.9%).

In a research note, the broker recalls that it downgraded the stock last August, in the wake of the US chipmaker's Q2 results.

Since then, the stock has corrected by around 26%, while the SOX semiconductor index has risen by 9% over the same period.

As a result of this underperformance, the broker believes that the stock is fairly valued, and that the share price now takes into account uncertainties relating to the proper strategic execution of the Californian group.

Although it sees limited downside potential, HSBC believes that it is still too early to be positive on the stock, stating that it anticipates a still difficult Q1 2025 for the processor giant.


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