(Reuters) – Intel Corp’s (INTC.O) shares hit their highest in nearly two decades on Friday after cloud computing demand fired up the chipmaker’s data center business and allayed concerns of market share loss to rival AMD, lifting stocks across the sector.
FILE PHOTO: Computer chip maker Intel’s logo is shown on a gaming computer display during the opening day of E3, the annual video games expo revealing the latest in gaming software and hardware in Los Angeles, California, U.S., June 11, 2019. REUTERS/Mike Blake
At least 15 brokerages raised their price targets on Intel’s stock, with J.P.Morgan making the most aggressive move by boosting its target by $12 to $80, well above the median price target of $65.
Revenue at Intel’s data center business jumped 19% and sales to cloud computing providers surged 48% year-over-year in the fourth quarter.
(Interactive graphic on Intel’s data center sales: tmsnrt.rs/2NVUJZY)
“We think Intel is benefiting from an improving macro economic…
Source Reuters Tech News