Intel (INTC) Shares Surge by Approximately 14%
As shown in the Intel (INTC) stock chart:
Trading opened yesterday with a strong bullish gap.
By the end of the session, shares had risen by approximately 14% compared to the previous day's closing price.
According to Dow Jones Market Data, INTC shares recorded their largest percentage gain since 13 March 2020, making them the top-performing stock in the S&P 500 index (US SPX 500 mini on FXOpen) on Thursday.
Why Did Intel (INTC) Shares Rise?
The surge followed the company's announcement of a new CEO appointment. Lip-Bu Tan, a former board member, has been named the new Chief Executive Officer, set to assume the role on 18 March. Investors reacted positively to the decision, as Tan previously achieved significant success as CEO of Cadence Design Systems.
As the Wall Street Journal put it:
"Lip-Bu Tan is Intels best hope for a turnaroundif Intel can be fixed at all."
Technical Analysis of Intel (INTC) Stock
In our previous analysis of INTC price movements, we identified an upward channel (marked in blue), which remains relevant.
The current bullish momentum may lead to a breakout above the long-term downward trendline (marked in red). If this happens, it could pave the way for a move towards the psychological level of $30, which served as support last year.
Intel (INTC) Stock Price Forecasts
"We really like the new CEO appointment," wrote BofA Securities analyst Vivek Arya in a note, upgrading Intels rating from "Underperform" to "Neutral" and raising the target price from $19 to $25.
According to TipRanks:
Only 1 out of 23 analysts surveyed recommends buying INTC shares.
The average 12-month target price for INTC is $23.
Read more: https://fxopen.com/blog/en/oa-intel-intc-shares-surge-by-approximately-14/
Text source: Forex Trading Blog
