HSBC Downgrades Intel to Reduce, $24 Price Target
- Rating
- Reduce
- from Hold
- Target
- $24
- from $21.25 (+13%)
- Outcome
- Missed
- within 12 months
What the analyst said
HSBC analyst Frank Lee downgraded Intel (NASDAQ: INTC) from Hold to Reduce with a price target of $24 (from $21.25).
“Intel has recently announced three deals, driving a substantial re-rating of the stock: 1) SoftBank investing USD2bn; 2) the US administration investing USD11.1bn for a 9.9% equity stake; and 3) NVIDIA (NVDA US, USD185.54, Hold) investing USD5bn for a c4% stake.
While the deals were at a discount to the market price, the stock is up 55% since the first deal announcement in August. We expect further deal announcements that could drive a short-term re-rating.
However, we believe that Intel’s own fab execution remains key to any sustainable turnaround.
Hence, we believe that this re-rating is overdone as we downgrade our rating on Intel to Reduce, from Hold.”
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Where the price stands
INTC trades at $93.65. The 11 analysts who set a target in the last 3 months range from $85 to $165, with a median of $112. This $24 target is 79% below the median, the lowest on the Street.
Since the note INTC has moved +152% (from $37.17). The 12-month window closed on October 8, 2026.
Track record
This call✗ Not reached within 12 months: a year after the note INTC closed at $107, 346% above the $24 target, and it moved the other way.
Firm track recordHSBC: 59% of its 17 targets at least a year old were reached within 12 months (#21 of 21 firms); on Intel, 2 of 3. Accuracy ranking →
HSBC on Intel
HSBC price targets on Intel
8 calls from January 21, 2025 to April 24, 2026. The target went from $22 to $100 (+355%). The rating moved from Hold to Buy.
- April 24, 2026Target raised from $95 (+5%)Buy$100
- April 21, 2026Kept the $95 targetBuy$95
- April 21, 2026Upgraded to Buy, target raised from $50 (+90%)Buy$95
- January 20, 2026Upgraded to Hold, target raised from $24 (+108%)Hold$50
- October 8, 2025 This noteDowngraded to Sell, target raised from $21.25 (+13%)Sell$24
- July 25, 2025Target cut from $22 (−3%)Hold$21.25
- April 25, 2025Set a $22 targetHold$22
- January 21, 2025Earliest call shownHoldNo target
