Intel Corporation ( INTC ) shares are trading lower Monday as stocks in the tech sector sell off amid concerns over the U.S. economy.

The Details:

Uncertainty has spread throughout global markets amid multiple catalysts including geopolitical tensions in the Middle East and concerns about recent U.S. economic data. Monday's deeper sell-off began in Asian markets after the Nikkei 225 fell more than 12% after the Bank of Japan raised interest rates. 

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Intel's ( INTC ) stock has lost more than 30% following the company's second-quarter earnings release last week. Intel ( INTC ) missed analyst expectations on both the top and bottom line and announced a $10 billion cost-reduction plan to include a headcount reduction of greater than 15%. The company also suspended its dividend beginning in the fourth quarter and guided for a loss of 3 cents per share in the third quarter.

According to data from Benzinga Pro, Intel ( INTC ) shares are moving on heavy volume Monday and trading well-below the stock’s 50-day moving average of $31.35.

Will INTC Stock Go Up?

When trying to assess whether or not Intel ( INTC ) will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $27.71 on Intel ( INTC ). The Street high target is currently at $42 and the Street low target is $17. Of all the analysts covering Intel ( INTC ), one has positive ratings, 11 have neutral ratings and 5 have negative ratings.

In the last month, 16 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Intel ( INTC ) have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Intel ( INTC ) is 57.58% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Intel ( INTC ), visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

INTC Price Action: According to Benzinga Pro, Intel ( INTC ) shares are down 6.01% at $20.19 at the time of publication Monday.

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