Global technology giant Intel (INTC) decided to work with Reliance Jio, an Indian telecommunications company, to develop 5G network technology, Reuters said in a report. Last year, Intel’s venture capital unit invested $ 250 million in Jio Platforms, a subsidiary of Reliance Industries.
Executive Vice President and General Manager of the Data Platforms Group at Intel, Navin Shenoy, said, “5G in India is going to be massive, and Reliance Jio is doing it in a non-legacy way.” (See Intel stock charts on TipRanks)
Citigroup analyst Christopher Danely recently reiterated a holding note on the stock and lowered the price target from $ 65 to $ 60 (upside potential 7.4%).
In a research note, Danely said, “In recent quarters, surging orders for laptops have portended a rise for Intel. Given the recent drop in laptop orders, we also expect a drop at Intel. “
The analyst expects the company’s revenue and earnings per share (EPS) in 2021 to be $ 71.6 billion and $ 4.49, respectively. For 2022, Danely forecasts EPS of $ 4.66 and revenues of $ 71.7 billion.
Overall, the stock has a Hold consensus rating based on 12 buys, 11 takes and 8 sells. Intel analysts’ average price target of $ 66.12 implies upside potential of 18.35% from current levels. The company’s shares have gained 12.5% year-to-date.
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