Intel Stock Takes Another Blow After UBS Lowers Forecast

Intel shares fell 6.1% in morning trading after UBS lowered its price target for the stock to $112 from $121, while maintaining a "neutral" rating. This comes amid growing concerns about the stock's near-term gains, despite the company's ambitions in contract manufacturing and artificial intelligence.

These pressures intensified after Intel's $20 billion new share offering, which could reduce earnings per share by about 4% to 5%, according to Bank of America, which also lowered its price target to $145. 

A 1.2% decline in the Nasdaq also contributed to the pressure on semiconductor stocks, while investors largely absorbed the impact of Nvidia's announcement of its acquisition of a roughly $30 billion stake in Intel.