BUZZ-Intel rises after upbeat Q4 forecast fuels recovery hopes

Reuters11-01

** Shares of Intel rise 6.5% to $22.92 premarket

** Co expects Q4 rev between $13.3 bln and $14.3 bln vs ests of $13.66 bln - LSEG data

** CFO David Zinsner said Intel was "making progress" on its profitability but that it had "a lot of work to do" to achieve the targets it had set

** INTC reported Q3 rev of $13.28 bln vs ests of $13.02 bln

** "Intel's journey is far from over, and we suspect 2025 will remain a transition year, with numbers that probably have to come down" - Bernstein analysts

** For data center segment, which includes AI chips, rev rose 9% to $3.3 bln, above estimates of $3.16 bln

** "Intel's business appears to be normalizing with certain end markets returning to seasonal demand trends" - JP Morgan analysts

** Up to last close, stock had fallen 57% YTD

(Reporting by Zaheer Kachwala in Bengaluru)

((Zaheer.Kachwala@thomsonreuters.com))

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