Shares of Intel Corporation (INTC) stock are setting new highs Wednesday after the company announced that it plans to exit the 5G smartphone modem business. Intel will instead focus on expanding its 5G network infrastructure operations. This follows news of the Apple (AAPL) and Qualcomm (QCOM) settlement, under which, the companies have entered into a six-year licensing and chipset supply agreement.
INTC stock is up 12.35% over the last 12 months, and the average rating from Wall Street analysts is a Hold. Stock Score Report, InvestorsObserver’s proprietary scoring system, gives INTC stock a score of 74 out of a possible 100.
That score is primarily influenced by a short-term technical score of 95. INTC’s score also includes a long-term technical score of 81. The fundamental score for INTC is 45. In addition to the average rating from Wall Street analysts, INTC stock has a mean target price of $54.90. This means analysts expect the stock to lose 6.74% over the next 12 months.
What’s Happening with INTC Stock Today
Intel Corporation (INTC) stock is higher by 3.81% while the S&P 500 is up 0.03% as of 10:58 AM on Wednesday, Apr 17. INTC is up $2.16 from the previous closing price of $56.71 on volume of 15,204,472 shares. Over the past year the S&P 500 is higher by 8.59% while INTC is up 12.35%. INTC earned $4.41 a per share in the over the last 12 months, giving it a price-to-earnings ratio of 13.34.