- Intel loses a bull at BofA. Bank of America downgraded Intel to neutral from buy and cut its price target to $100 from $145, after the chipmaker guided fourth-quarter adjusted earnings of 25 cents a share on revenue of $15 billion to $16 billion, below the LSEG estimates of 43 cents and $17 billion. Analyst Vivek Arya pointed to a sharp drop in PC shipments, down 25% to 30% quarter over quarter in Q4.
- Others slashed targets too. UBS cut its Intel target to $80 from $100, Bernstein to $75 from $110, Wells Fargo to $80 from $120 and Barclays to $75 from $100, while Goldman Sachs stayed at neutral with a $100 target and said it expects the stock to trade meaningfully lower. Intel shares fell roughly 25% on Friday.
- Jefferies upgraded Rivian. The firm raised Rivian to buy from hold with a $17 target, implying 48% upside from Thursday’s $11.45 close, after a 32% drop over three months. Rivian lost 48 cents a share in Q3 versus the 64-cent loss expected on revenue of $2.16 billion versus $2 billion, raised its delivery outlook to 67,000 to 70,000 vehicles, and Jefferies said R2 volume is trending at about twice R1 in Q4.
- Amazon stays a top pick. Morgan Stanley kept Amazon at overweight and named it a Top Pick, but cut its price target to $335 from $350, still about 45% upside, as its 2028 earnings estimate fell about 5% to roughly $15.80 a share. Elsewhere, HSBC upgraded GE Vernova to buy and raised its target to $1,100 from $1,040, while Deutsche Bank cut its Coinbase target to $190 from $210 and kept a buy rating.
What Happened?
Wall Street’s Friday analyst calls followed a busy night of earnings that sent big tech lower. Other notable moves included KeyBanc downgrading Reddit to sector weight, TD Cowen cutting Hershey to hold, Rosenblatt upgrading Monolithic Power to buy and Oppenheimer upgrading Incyte to outperform. Raymond James reiterated Nvidia as a strong buy, and Bernstein kept SpaceX at outperform.
Why It Matters?
The Intel calls show how quickly sentiment can turn: several analysts said strong data center demand and foundry hopes had led investors to overlook a weakening PC market. Bernstein’s Stacy Rasgon said “this is the quarter when they hit the wall,” and UBS said the PC recovery looks challenging with no relief in sight on memory pricing and supply. In contrast, firms like Jefferies and Morgan Stanley argued that selloffs in Rivian and Amazon create entry points, with Jefferies citing Rivian’s automotive gross margins turning positive.
What’s Next?
Bank of America removed Apple from its US 1 list ahead of the company’s earnings on Monday, Nov. 2, saying investor focus will likely be on component cost inflation, the durability of its gross margin and services revenue growth. Investors will watch whether Intel can show progress with external foundry customers and whether Rivian’s R2 momentum holds into 2027, when it plans to launch its Point-to-Point autonomy feature.
Affected Tickers and Coins: INTC, RIVN, AMZN, GEV, COIN, AAPL, RDDT
