STOCKS | Jefferies and Piper Sandler Cut Intel Price Targets After Disappointing Results

Jefferies cut its price target for Intel from $120 to $85, while Piper Sandler lowered its target from $110 to $90. According to Sina Finance, Intel reported disappointing third-quarter results on Thursday and forecast that PC sales would continue to slow. The company's shares plunged more than 20% in after-hours trading. Intel forecast fourth-quarter revenue of $15 billion to $16 billion and adjusted earnings per share of 25 cents, compared with analysts' previous estimates of $17.29 billion in revenue and 45 cents per share.