Thursday, 18 April 2024

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Business News

Intel’s (NASDAQ:INTC) Foundry Business Sees $7B Operating Loss – TipRanks Financial Blog

Intel’s (NASDAQ:INTC) Foundry Business Sees $7B Operating Loss – TipRanks Financial Blog

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Chip maker Intel (NASDAQ:INTC) recently revealed in a regulatory filing with the U.S. Securities and Exchange Commission that its Foundry business experienced an operating loss in 2023. In fact, it loss deepened to $7 billion, an increase from $5.2 billion in the previous year.

Intel is aiming for break-even operating margins by 2030 and expects its Foundry business to see its highest operating losses in 2024. However, it should see 40% non-GAAP gross margins and 30% non-GAAP operating margins within the next seven years.

Intel currently has ambitious plans to invest $100 billion in building and expanding chip factories across four U.S. states. This strategy is crucial for Intel’s turnaround, as it aims to attract clients to its manufacturing capabilities.

Is Intel a Buy, Sell, or Hold?

Turning to Wall Street, analysts have a Hold consensus rating on Intel stock based on seven Buys, 24 Holds, and four Sells assigned in the past three months, as indicated by the graphic below. After a 35% rally in its share price over the past year, the average INTC price target of $46.60 per share implies 6.05% upside potential.

Click Here to Read the Full Original Article at TipRanks Financial Blog…


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