Bank of America and Jefferies raise ratings on Intel and General Dynamics amid broader market volatility driven by inflation and geopolitical risks.
$INTC and $GD received upgrades from major Wall Street firms as futures traded higher following a sharp sell-off. Bank of America double-upgraded Intel to Buy with a $135 target, while Jefferies raised General Dynamics to Buy at $400. The moves come as markets rebound from Wednesday’s decline, driven by a 4.2% CPI print and escalating Iran tensions.
Major indices fell Wednesday as sellers dominated, with rotation out of AI stocks and rising yields adding pressure. The Nasdaq, Dow Jones, and S&P 500 all closed lower, extending a week-long pattern of failed rebounds. Analysts cited inflation concerns and geopolitical risks as key drivers of the downturn.
SpaceX’s upcoming IPO, set to open Friday at $135, may also draw institutional cash away from equities. Oppenheimer initiated coverage with an Outperform rating and a $190 target, signaling potential demand for the offering.