TD Cowen Reiterates Hold on Intel, $50 Price Target

TD Cowen analyst Joshua Buchalter reiterated a Hold rating and $50.00 price target on Intel (NASDAQ: INTC).

“Dream Is Still Alive, But Back To Reality Here/ Now; In-line print and disappointing guide dampen the ultra-bullish narrative that has driven the stock of late.

The rally had been largely driven by “the dream” rather than the near-term reality or fundamentals, in our view.

Difficult to see how that should materially change in one quarter given the positive commentary on foundry/14A.

We remain skeptical but still too early to fully count Intel out. Our F2026/F2027 estimates come down on lower margins and more tepid revenue expectations.

We maintain our Hold rating and $50 PT, or ~60x P/E or 4.7x EV/S on our F2027 estimates.”

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