Jefferies Raises Intel Price Target to $45
Jefferies analyst Blayne Curtis raised the price target on Intel (NASDAQ: INTC) to $45.00 (from $40.00) while maintaining a Hold rating.
“INTC Preview – Server Demand Stronger but Capacity Constrained and PCs a Headwind: Heading into 2026, the GP server market looks to be quite strong, but INTC is pointing to supply constraints in capacity, where INTC is looking to shift Intel 7/10 capacity from low-end PCs to legacy server products.
PC should start to see weakness in March with our expectation that PCs will likely be down at least MSD next year, with memory costs rising leading to likely de-specing and increased PC pricing (we are in line with street down 8% in March).
Overall, we expect a miss on margins, with Lunar Lake ramping (embedded margin has a significant impact on GM) alongside 18A ramping for GR.
Together, we expect these to dampen margins below 36% (vs. St. 36.1%, down only 200bps from December Consensus).
All together, we expect commentary on the full year to be relatively disappointing as tightness in capacity prevents fully monetizing GP Servers, while PCs are weak and margins remain pressured throughout the balance of the year.
Expect Capex to remain flattish to even up slightly with GR ramping and INTC working on competing in the packaging portion of the market.”
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