UBS Raises Intel Price Target to $49

UBS analyst Timothy Arcuri raised the price target on Intel (NASDAQ: INTC) to $49.00 (from $40.00) while maintaining a Neutral rating.

“Despite supply that remains tight, we still see an upside bias for FQ4 (Dec) results on PC/server demand strength and see Street numbers (which are about in-line w/normal seasonal) as okay for FQ1 (March) guidance – especially off the stronger Dec Q base.

Fundamentally, we see a mixed (albeit improving) picture this year as CQ1 should also be the worst of INTC’s capacity issues (mix shift off Intel 10/7 to more volume for Granite Rapids (Intel 3) and ramp of Panther Lake (18A)).

On the flipside though, history tells us that we should expect memory price increases to arrest some of the recent positive momentum in the PC market.”

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