Over the last few days, Intel (INTC) gapped from a high of about $50 to $42.60. All thanks to disappointing guidance. However, on that pullback, CEO Pat Gelsinger just bought 3,000 shares at an average price of $43.36 each for about $131,100.
Helping, analysts at Morgan Stanley just raised their price target on INTC to $48 from $39, with an equal weight rating on the stock.
Benchmark analysts also raised their price target on INTC to $62 from $52, with a buy rating. Intel now looks to be progressing well to further building-out its capacity and foundry plans, greatly improving product execution and has started to execute on its mission to grow its participation in AI markets,” said the firm, as quoted by TheFly.com.