Intel gains after naming chip industry veteran Lip-Bu Tan as CEO
Intel's INTC.O shares jump 9.7% to $22.69 premarket
Co names semiconductor industry veteran Lip-Bu Tan as its CEO; he will also rejoin INTC board
Tan is a very strong choice that is likely to be viewed favorably by many investors, but INTC's turnaround will not be quick work - TD Cowen
It could temporarily calm reports of a potential split between INTC's product and manufacturing businesses - TD Cowen
Bernstein says if INTC decides to exit foundry business under Tan's leadership, it could benefit Taiwan Semiconductor Manufacturing Co 2330.TW
Tan's leadership could make situation tougher for Advanced Micro Devices AMD.O if he can help INTC revitalize the product roadmap - Bernstein
The appointment, effective March 18, comes three months after Intel ousted CEO and company veteran Pat Gelsinger
Three of 45 brokerages rate the stock "buy" or higher, 38 "hold" and 4 "sell" or lower; their median PT is $23 - LSEG
Up to last close, INTC has fallen ~54% over the past 12 months
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