Intel Corp. (NASDAQ:INTC) stock fell nearly 5% on Thursday as investors took profits following a multi-session rally. The decline also came amid a broader semiconductor selloff and rising geopolitical concerns.

The Nasdaq fell 0.73%, while the S&P 500 lost 0.48%. The technology sector dropped about 1%.

The risk-off environment weighed on technology and semiconductor stocks. Nine of the 11 market sectors traded lower, while the advance-decline ratio stood near 0.2.

Meanwhile, Piper Sandler initiated coverage of Intel with a Neutral rating on Thursday. The firm set a $110 price forecast.

Intel's decline follows a sharp rally earlier this week. Shares surged more than 10% on Tuesday after Northland Securities analyst Gus Richard upgraded the stock from Market Perform to Outperform.

Richard set a $120 price forecast. He cited Intel's turnaround progress and potential manufacturing scale tied to Elon Musk's Terafab project.

Intel carries a Hold consensus rating with an average price forecast of $111.74.

Technical Picture Remains Mixed

Despite Thursday's decline, Intel remains well above its longer-term moving averages. The stock is about 35% above its 200-day simple moving average of $75.20.

Intel also remains above its 20-day SMA of $94.77 and 50-day SMA of $98.86. However, shares are about 3% below the 100-day SMA of $104.97, which could act as resistance.

The relative strength index stands at 54.79, signaling neutral momentum. The 20-day SMA also remains below the 50-day SMA, pointing to some near-term weakness.

Key resistance sits near $107.50, while support is around $89.50.

Intel is also underperforming the broader technology sector. Shares were down 4.55%, compared with a roughly 0.9% decline for the sector.

INTC Price Action: Intel shares were down 4.55% at $101.41 at the time of publication Thursday.