Intel shares hit 20-year-peak after blockbuster earnings’ report

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Intel shares hit 20-year-peak after blockbuster earnings’ report

On Friday, the 24th of January 2020, NYSE-listed Intel Corp. stocks hit its highest level in more than two decades a day after releasing a solid quarterly earnings’ report for Q4, 2019, while a booming data centre business alongside a clattering cloud computing demand had sorted out concerns of market share loss to the Silicon Valley chipmaker’s arch-rival AMD.

On top of that, a day after releasing its robust Q4, 2019 earnings’ report, when the US-based multinational chipmaker’s data centre business climbed 19 per cent and cloud computing grew by 48 per cent on a year-on-bases, Intel Corp.

stocks were skied up as much as 8.13 per cent to $68.47 a share on Friday’s (January 24th) market wrap-up after climbing as much as 7.88 per cent in the pre-market trading. Apart from that, as more than 15 Wall Street brokerages had raised their price targets for Intel Corp.

well above its median target value of $65, adding the US chipmaker’s solid quarterly growth would pave the way for a rosy outlook for other chipmakers such as AMD and Nvidia, an RBC Capital Market analyst Mitch Steves said, “We think Intel is benefiting from an improving macro-economic climate versus company specific improvements at this time. ”