Intel's disappointing week gets even worse; shares hit a new 52-week-low
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Intel (NASDAQ:INTC) appeared headed for a disappointing end to the week as the semiconductor giant dipped to a new 52-week-low on Friday.
The chip-sector bellwether's shares gave drop to as low as $39.61 just one day after closing Thursday at $40.01, which a that time was the stock's lowest point in a year.
On Friday, Morgan Stanley analyst Joseph Moore said in a research note that he remains cautious about Intel (INTC), in large part due to the company's capital spending efforts, which include its plans for a massive new foundry and chip-producing facility near Columbus, Ohio.
Moore said that while Intel (INTC) may succeed with its foundry plans, "the company's belief that its success is inevitable suggests to us that it may be underestimating the challenges of building a leading-edge foundry business."
Moore has an underweight, or sell rating, and $46-a-share on Intel's (INTC) stock.
Investors turned against Intel (INTC) earlier in the week after Chief Financial Officer David Zinsner spoke at an investment conference and suggested that the company may see some bumps in the road in the coming months. Among the issues that Zinsner said could impact Intel's (INTC) business are customers reducing their inventory levels and China reopening manufacturing areas following Covid-related lockdowns.