Intel Corp. shares erased their losses to soar 11% on Thursday after Bank of America securities upgraded its rating from ‘Underperform’ to ‘Buy’ and raised its price target to $135 from $96.
BofA’s cited more confidence in Intel’s server CPU unit and its foundry push as reasons for the double upgrade. The surge in share price comes after a global chip rout, and a particularly hard period for intel’s stock.
On Wednesday, the shares had ended 0.82% lower at $107.04 as the tech selloff persisted. Tech stocks had slumped into correction, mounting pressure on chip stocks.
As of 10:45 a.m. EST, the scrip pared some gains to trade over 7% higher at $114.5 on Thursday. The stock has rocketed 451% in the last 12 months and over 200% year-to-date. However, in the last month it fell 1.27%.
ALSO READ: US Stock Market Today: Dow Jumps Over 200 Points; S&P 500, Nasdaq Rebound As Chip Stocks Bounce Back
Wall Street Open
Wall Street rebounded cautiously at open on Thursday after a sharply lower end in the previous session. The sentiment was lifted as some of the tech giants also bounced back after a rout.
S&P 500 opened 0.42% higher at 7,297.59, tech-heavy Nasdaq Composite rose 0.52% to 25,299.83 and the Dow Jones Industrial Average was up 0.46% or 227 points to 50,146.61 at open.
Tech majors, specifically chipmakers like Nvidia Corp. and Micron Technology corrected from their rout and rose over 1% and 2% to $202.7 and $911.3. Shares of Advanced Micro Devices Inc. surged 6% to a high of $478, Microchip Technology Inc. was up 3% to $90.56.
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