Intel Stock (NASDAQ:INTC) Slides as Griffin Cove Shows up, Production Methods Revealed
With all the recent drama around sold-off business stakes, we must keep in mind that products are chip stock Intel's (INTC) true bread and butter. And Intel's chip business is carrying on in earnest, with the new line, Griffin Cove, currently in development. We even have some more news about how Griffin Cove will be produced. But this combination of news items did little for investors, who sent shares down over 2% in Tuesday afternoon's trading.
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Griffin Cove, considered the 'great-grandchild of Lion Cove,' is currently under way in Intel's chip development centers, reports note. There is quite a bit riding on this processor line, as Intel has been underperforming for some time now, and Intel is having a tough time keeping up with its competitors. But Griffin Cove will have a little something different going for it, reports note, that may give it some edge.
Griffin Cove, reports note, will have an 'agnostic' approach with production nodes, which will allow it to be a more adaptable processor. Indeed, earlier rumors noted that Griffin Cove will be part of an all 'P-Core' strategy, which will be first expressed through Razer Lake processors. But with the agnostic approach, Intel designers will have more ability to choose which nodes they go with for production. That is a major step up from IDM 2.0 under Pat Gelsinger, where in-house nodes were commonly adopted, with less than stellar results.
Is Mobileye Next on the Block?
Selling off part of Altera came as a bit of a surprise to most viewers, though only a bit. Intel needed cash, and new CEO Lip-Bu Tan was making it clear that selling off non-core businesses was the way to get there. And that has many wondering if Mobileye (MBLY) might be next up for sale.
Mobileye, the self-driving car hardware operation, is perhaps one of Intel's remaining major non-core operations. While keeping a hand in the self-driving car market might be a good play long term, it likely will distract from Intel's key focus of products and foundry. Though a sale will likely not be immediate, the idea that Intel might sell off pieces of it over several months, or years, is not out of line. It would provide cash and give Intel more room to focus elsewhere.
Is Intel a Buy, Hold or Sell?
Turning to Wall Street, analysts have a Hold consensus rating on INTC stock based on one Buy, 27 Holds and four Sells assigned in the past three months, as indicated by the graphic below. After a 44.43% loss in its share price over the past year, the average INTC price target of $23.08 per share implies 15.86% upside potential.
See more INTC analyst ratings
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