Intel Hit With Downgrades Over Murky CEO Succession Plan
Intel CEO Paul Otellini's (pictured) retirement is throwing a monkey wrench into the company's outlook, at least as far as investors are concerned. This week UBS analyst Steven Eliscu cut his rating on Intel shares from "buy" to "neutral" and slashed his price target from $29 to $21.50, as reported by the Financial Post.
Last week, analysts at Citigroup and Goldman Sachs also lowered their target prices for Intel shares. Otellini recently said it's likely his successor will come from within the company, so we'll have to wait and see if that calms the apprehension on Wall Street about the chip maker's future.