Beaten down shares of Intel (INTC) are showing signs of life. In fact, after catching double bottom support dating back to late 2022, the stock is starting to bounce. Helping, CEO Pat Gelsinger just bought another 9,700 shares for $250,000 at an average price of $25.68. According to Intel, the buy reflects the CEO’s confidence in the company’s long-term strategy and transformation. Prior to the February buy, the CEO bought 9,000 shares of INTC for $250,000 on January 31 for $27.83.
Even better, Raymond James’ analysts just resumed coverage of INTC with an outperform rating, with a $30 price target. Morgan Stanley also upgraded the INTC stock to equal weight from underweight, with a $28 price target. The firm sees limited downside.