Intel shares climbed sharply in late trading Wednesday, driven by a double upgrade from Bank of America and a forceful buying recommendation from CNBC’s Jim Cramer.
The rally marks a notable shift in sentiment for the chipmaker, which has spent years restructuring its foundry business and seeking external customers to offset declining market share in its core design operations.
Cramer told viewers that investors without an Intel position should buy immediately, citing the company’s turnaround progress.
Cramer told viewers that investors without an Intel position should buy immediately, citing the company’s turnaround progress.
Bank of America’s analysts echoed the optimism, upgrading the stock and raising their price target, pointing to improving foundry execution and a clearer path to profitability.
Beyond the immediate upgrade catalyst, markets are also pricing in a potential manufacturing deal with Apple.
Reports earlier this week suggested Apple is exploring options to have Intel produce chips for its next-generation devices, a development that would validate Intel’s foundry strategy and provide a major revenue anchor.