In a market that seems to be stuffed full of bad news for Intel (INTC), it just landed some more. For the first time ever, the Anti-Defamation League is targeting a major American company with a lawsuit, noted a CNBC report. And that company looks to be –you guessed it– Intel. The news did Intel shares little good, down around 3.5% in early Friday afternoon’s trading.
The original lawsuit was filed back in August, and relates to Intel’s response, or rather lack thereof, toward charges of “public antisemitism.” The material in question related to “…antisemitic propaganda tied to the Israel-Hamas war.” The propaganda in question was then flagged by an Israeli employee, who was later transferred to a position where said employee reported to one of the original posters. That poster then fired the flagger, who responded with a lawsuit.
Now, the Anti-Defamation League is getting involved, as it declares that the employee “…wasn’t just discriminated against; he was targeted (and) victimized…” Intel, meanwhile, would not comment on the litigation, but points to its “code of conduct” that offers zero tolerance for hate speech.
Waiting For the Axe to Drop
Regardless, the Intel front is still proving anxious for its current employees, who may not be current that much longer. The latest word is that Intel is about halfway to its workforce reduction target of 15,000 workers. And now, there is a deadline connected to this: mid-October.
The lists of recommended firings have apparently been finalized, but no one knows just who is on that list, and will not know until mid-October. With the company’s recent new deals with the Pentagon and Amazon (AMZN), those employees that survive the latest round of layoffs may be in a good position.
Is Intel a Buy, Hold or Sell?
Turning to Wall Street, analysts have a Hold consensus rating on INTC stock based on one Buy, 26 Holds and seven Sell ratings assigned in the past three months, as indicated by the graphic below. After a 40.23% loss in its share price over the past year, the average INTC price target of $25.47 per share implies 7.81% upside potential.
