![]() ![]() It was more optimistic at the end of 2022, forecasting a smaller drop of 6.5% to 281 million units. The firm projects a 10.7% decline in sales of PCs this year to 260.8 million units. But a closer look at the numbers from market research firm IDC suggests that a PC market bottom is still some time away. One of the reasons Intel stock has rallied over the past month is because of the expectation that the PC market could soon hit bottom. The company expects to post an adjusted loss of $0.15 per share in Q1 2023, down substantially from the year-ago period's earnings of $0.87 per share. This is evident from Intel's first-quarter 2023 guidance that calls for $11 billion in revenue at the midpoint of its guidance range, a 37% decline over the prior-year period's top line of $18.4 billion. ![]() Intel has been hammered badly by a downturn in the personal computer (PC) market and a loss of market share to Advanced Micro Devices. But with Intel trading at just 17 times trailing earnings and expected to deliver a major turnaround in 2024, will this semiconductor giant be able to sustain its hot stock market run? Of course, Intel is now trading beyond that price target at around $33 a share, indicating that the stock may have gotten ahead of itself. Rasgon now has a $30 price target on Intel stock, up significantly from the prior target of $20. ![]()
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