Intel (INTC, Financial) experienced a significant surge in its stock price, climbing 18%, marking its largest increase since March 2020. This rise follows the company's announcement of industry veteran Chen Liwu as its new CEO. Chen has committed to maintaining former CEO Pat Gelsinger's strategy of chip manufacturing but emphasized the importance of learning from past mistakes.
The news of Chen's appointment led Bank of America analyst Vivek Arya to upgrade Intel's rating from "underperform" to "neutral," setting a target price of $25. Ben Barringer from Quilter Cheviot expressed optimism in a research report, suggesting that the new CEO brings renewed hope to the chip manufacturer. Despite Intel's market share being increasingly challenged by TSMC, Barringer believes the company can continue to operate effectively.
Analysts highlighted that Chen Liwu is a respected figure in the industry, and his task will be to revitalize Intel's competitiveness in the market.
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