Analysts Slash Intel Target, Boost Lilly and Gilead

Truist Securities cut its price target on INTC from $108 to $72 on Friday, the biggest target swing in the latest round of analyst updates. Truist kept its Hold rating. The 33% reduction stands out at a time when short interest in Intel sits at a modest 3.2% of free float, suggesting the bears are not yet piling in despite the Wall Street skepticism.

RDDT also took a hit. Truist's Youssef Squali cut his target from $275 to $210, though he held on to a Buy rating. Reddit carries 14.7% short interest as a percentage of free float, among the higher readings in large-cap tech. That combination of a reduced bull target and elevated short positioning is worth watching.

On the positive side, Wells Fargo's Mohit Bansal raised his target on LLY sharply, lifting it from $1,330 to $1,500. He kept his Buy rating. Bansal also raised his target on GILD from $165 to $190, again with a Buy. Both upgrades came on the same day, suggesting a broader sector re-rating from Wells Fargo on pharma names.

PWR earned a target raise from Truist to $967 from $960. MA got an RBC Capital bump to $742 from $696.

The Intel cut is the headline move. A $36 per share reduction in target price from a respected name on a $484 billion market cap company signals real concern about the chip giant's near-term earnings trajectory.