Intel shares gained 2.82% by 11:07 a.m. ET (15:07 UTC) Tuesday, Oct. 27, outpacing the Philadelphia Semiconductor Index a day after New Street Research upgraded the stock to Buy.
The index was up 2.37%, according to EconoTimes’ Tuesday market report. New Street’s Monday, Oct. 26, report set a $125 price target. Its title presented limited CPU supply as favorable to Intel’s recovery prospects.
Intel reported $6.262 billion in Data Center and AI revenue for the quarter ended June 27, 59% higher year over year, in its second-quarter filing. Server unit volume rose 9% year over year, while average selling prices climbed 48%. Intel said constraints within its operations prevented it from supplying enough server products to meet demand.
Intel is scheduled to report third-quarter results after the U.S. market closes Thursday, Oct. 29.
