Intel shares finished lower Friday, snapping the longest win streak in nearly three years. At least one analyst sees a bullish underpinning tied to trade spat.
Intel Corp. shares finished lower Friday, snapping their longest winning streak in nearly three years, but at least one analyst wondered why more investors aren’t bullish on the stock given the chance a trade war between the U.S. and China could disrupt semiconductor “fab” operations in Asia, leaving Intel in a plum production position domestically.
Given the nine-day winning streak, Mizuho analyst Jordan Klein asked in a note earlier Friday: “How long can long-only managers continue to underweight or avoid INTC?” The Mizuho analyst also noted that Intel’s 3.2% gain on Thursday versus the PHLX Semiconductor Index’s 2% decline came as China increasingly targets U.S. companies like Apple Inc. AAPL, +0.35%.Intel “owning the biggest U.S. semi fab could be increasingly valuable,” Klein said, also pointing out that at least one competitor, GlobalFoundries Inc. GFS, +2.58%, rose 1.3% Thursday. On Friday, GlobalFoundries shares finished up 2.6%.Like chip makers Texas Instruments Inc. TXN, -0.
Read from December: Apple, AMD confirm they’re among TSMC’s first Arizona customers, while Intel preps for return to cutting edge in 2023
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