Technicals Point to $60/Share for Intel (INTC)

Intel (NASDAQ: INTC) impressed Wall Street with its 2015 guidance and dividend hike yesterday. However, despite gaining about 5% to $36 on the news, the technicals are pointing to even greater upside potential.

BofA/Merrill Lynch's Technical Research Analyst, Stephen Suttmeier, said Intel has a big base and a tactical 90-day upside breakout. He sees upside to $46 and then to $60.

"Yesterday’s 90 -day price and volume breakout above resistance at $35.00-35.56 completes this bullish consolidation and favors a continued rally," Suttmeier said. He added, "The pattern counts to $41 but the potential for a big base suggests more significant upside to $46 and then toward $60 and beyond longer-term (Exhibit 1).

You May Also Be Interested In

• Intel (INTC) April weekly 34 straddle into quarter results
• Eagle Materials (EXP) PT Raised to $295 at Stephens
• Matador Resources Company (MTDR) PT Raised to $78 at Mizuho