Intel Corporation (NASDAQ:INTC) is one of the Unstoppable Technology Stocks to Buy. On December 29, Reuters reported that Nvidia purchased Intel Corporation’s (NASDAQ:INTC) shares worth $5 billion. The share price went up by around 2% after the announcement. According to the report, this move is based on Nvidia’s previous announcement in September, where the company announced that it would buy Intel’s share at $23.28 per share to support its finances to enhance production capacity.
On December 29, Nvidia bought 214.7 million shares of Intel at the price that was established in the September agreement. As per Reuters, the antitrust agency of the United States approved this investment.
That said, Intel Corporation (NASDAQ:INTC) has gained more than 61% over the past 6 months. However, Wall Street remains cautious with analysts’ 12-month price target reflecting around 7% upside from the current levels. Recently, on December 19, William Stein from Truist Financial reiterated a Hold rating on the stock, with a $39 price target. Earlier on December 16, Vivek Arya from Bank of America Securities raised the firm’s price target from $34 to $40, while maintaining a Sell rating.
Analyst Arya of BofA noted that he improved the price target based on the growing opportunity for the company’s foundry. BofA expects Intel to secure external wins in advanced packaging and wafer design. However, the analyst cautioned that the uncertainties in the manufacturing sector continue to distort the outlook, hence the firm maintained a Sell rating.
Intel Corporation (NASDAQ:INTC) designs, develops, manufactures, markets, and sells computing and related products and services worldwide. It operates through Intel Products, Intel Foundry, and All Other segments.
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Disclosure: None. This article is originally published at Insider Monkey.
