Slight drop in shorts as of 10/31 probably due to ex-dividend 11/5. Possibly the losers went right back into short positions after 11/5. The trend is definitely not the shorts' friend. $30 by 6/1 probably doable.
JMHO, of course.
The internet of things is getting a lot of play lately, starting with INTC. At least, I first read about it in INTC press releases etc. Basically, it means using chips to connect everything (appliances, jet engines etc.) to the internet so that they can send out alerts or be accessed through the internet. BRCM looks like it may be a big competitor to INTC in this area. GE talks about everything they are going to connect to the internet.
(I'm long in each of these, hence I seem to be getting a lot of exposure to this next big thing).
Another next big thing is wearable computing with internet connections such as smart watches. It is hard to say which will be bigger next big thing, but they could both be huge. INTC seems to be powering up to play both.
If Jeffries upgrade could boost INTC by 3.5%, a major player like GS, JPM etc. with an upgrade could boost INTC by at least 5%. Analysts tend to be like lemmings and follow the leader: we will be getting several upgrades in the days and weeks to come. According to Yahoo, 30 analysts rate INTC as a hold or sell.
We could hit 25 this week as the shorts panic from another surprise upgrade from even 1 of those 30.
JMHO, of course.
As the price went down, the short total went up. A reason for at least some of this is that "buying power" increased as the price went down, encouraging shorts to increase their positions. The GS "conviction sell" rating also encouraged short sellers. Short sellers are automatically margined, so once the price turns up the over extended shorts start to get margin calls. Even with huge volume days, it is unlikely that shorts would be buyers of more than 50%. Short covering could go on for another 2 weeks at least. While INTC is no Tesla for shorts, the numbers (5%) are still impressive.
The analysts target of 30 is easily doable by Xmas.