Intel on Thursday forecast second-quarter revenue to beat Wall Street estimates, highlighting strong data center demand for the company's server processors for artificial intelligence. Intel expects second-quarter revenue to be between $13.8 billion and $14.8 billion, compared to expectations of $13.07 billion. Intel's second-quarter adjusted earnings guidance of 20 cents per share significantly beat estimates of 9 cents per share.
IntelFollowing the earnings report, several institutions raised their price targets. Among them,JPMorgan Chaseraised Intel price target to $45 from $35, TD Cowen raised its price target to $75 from $60,Jefferiesraised its price target to $80 from $60 and Bernstein raised its price target to $65 from $60,HSBCraised its price target to $100 from $95,Morgan Stanleyraised its price target to $73 from $56.
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