Benzinga | Jan 18, 2022 08:06AM EST

Here's Why Citi Bumped Up Price Target Of This Top Chipmaker By 12%

* Citi analyst Christopher Danely raised the firm's price target on Intel Corp (NASDAQ:INTC) to $58 from $52 and reiterated a Neutral rating on the shares. The price target implies an upside of 4.1%.

* The analyst's channel checks indicate the recent surge in enterprise demand and notebook orders will drive upside to Intel's Q4 and Q1 consensus estimates.

* He raised estimates and added a "positive Catalyst Watch" for the stock due to the near-term upside.

* Danely expects the stock to trade well into Intel's analyst day in mid-February.

* However, he still expects the company to continue to lose market share and that its growth efforts will result in downside to consensus estimates over time.

* Price Action: INTC shares traded lower by 0.09% at $55.65 in the premarket session on the last check Tuesday.