$Intel (INTC.US)$ shares are trading lower by 4.1% to $19.65 during Friday session. The stock has seen marked volatility in recent sessions after last week's second-quarter earnings report showed disappointing results.
Intel has recently drawn significant attention due to major restructuring and disappointing quarterly earnings. The company reported earnings of just 2 cents per share, falling far short of the analyst estimate of 10 cents and marking an 84.62% decline from the previous year.
In response, Intel announced a $10 billion cost-reduction plan, which includes reducing its workforce by over 15% by the end of 2024 and suspending its dividend starting in fourth-quarter 2024.
Analysts have responded with mixed reactions. BofA Securities downgraded Intel to Underperform, lowering its price target to $23 due to concerns about deeper competitive and strategic issues.
Cantor Fitzgerald and Roth/MKM maintained Neutral ratings but revised their price targets downward, citing challenges with manufacturing and high costs.
Wedbush also kept a Neutral rating but reduced its price target, highlighting uncertainty around Intel's technological transitions.
