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Intel stock lifts on work from home shift, brokers upgrade targets

Intel (NASDAQ: INTC) stock price outperformed the border market trends amid a shift towards remote working. Laptops sales rose 10% year-on- year in the first two weeks of March while computer monitor sales doubled and business-to-business notebook sales jumped 50%, according to NPD data. The data also shows robust growth for computer accessories like mice, keyboards and laptops.

The improving demand trends have begun to be reflected in Intel’s stock price performance over the last month. Its shares have declined close to 14% this year, compared to the NASDAQ index drop of almost 19%.

Intel stock lifts on...

Its shares bounced above the $50 level after hitting lows of $42 during early coronavirus-related selloff. Intel stock is still down significantly from 52-weeks high of $67 that it hit early this year. Citi and Barclays analysts believe Intel stock is undervalued at current valuations, expecting higher revenue from personal computer (PC0 markets.

Barclay’s lifts Intel’s price target by $6 to $58, citing a short-term increase in the data center and PC demand due to the coronavirus remote work shift.

Intel has slashed its share buyback program to support its cash flows and preserve cash ahead of the potential recession. The company had purchased more than $7.5bn of stock in the last quarter out of its $20bn worth of stock buyback program. The company was planning to complete this program in 15 months.

However, the company sustained its dividends. Intel currently offers a quarterly dividend of $0.33 per share, yielding above 2.4%. Intel expects to generate first-quarter revenue in the range of $19bn and anticipates earnings per share to enlarge 33% year over year. Full-year 2020 revenue outlook stands around $73.5bn. Its client computing revenue came in at $10bn in the latest quarter while data center revenue surged to $7.2bn.

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Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.