Intel Corp. (NASDAQ:INTC) reported stronger-than-expected financial results for the third quarter on Thursday.
Intel reported third-quarter revenue of $13.65 billion, beating analyst estimates of $13.14 billion. The chipmaker reported third-quarter adjusted earnings of 23 cents per share, beating estimates of one cent per share, according to Benzinga Pro.
"AI is accelerating demand for compute and creating attractive opportunities across our portfolio, including our core x86 platforms, new efforts in purpose-built ASICs and accelerators, and foundry services," said Lip-Bu Tan, CEO of Intel. "Intel's industry-leading CPUs and ecosystem, along with our unique U.S.-based leading-edge logic manufacturing and R&D, position us well to capitalize on these trends over time."
Intel sees fourth-quarter revenue in the range of $12.8 billion to $13.8 billion versus estimates of $13.37 billion. The company anticipates fourth-quarter adjusted earnings of eight cents per share, in line with estimates.
Intel shares rose 4.5% to trade at $39.89 on Friday.
These analysts made changes to their price targets on Intel following earnings announcement.
- Rosenblatt analyst Kevin Cassidy maintained Intel with a Sell and raised the price target from $14 to $25.
- JP Morgan analyst Harlan Sur maintained the stock with an Underweight rating and raised the price target from $21 to $30.
- Wedbush analyst Matt Bryson maintained Intel with a Neutral and raised the price target from $20 to $30.
- Morgan Stanley analyst Joseph Moore maintained the stock with an Equal-Weight rating and raised the price target from $36 to $38.
- Mizuho analyst Vijay Rakesh maintained Intel with a Neutral and boosted the price target from $39 to $41.
- Cantor Fitzgerald analyst C.J. Muse maintained the stock with a Neutral and raised the price target from $40 to $45.
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