Mizuho Raises Intel Price Target to $48
Mizuho analyst Vijay Rakesh raised the price target on Intel (NASDAQ: INTC) to $48.00 (from $41.00) while maintaining a Neutral rating.
“INTC guided to a soft MarQ $12.2B (below cons. $13.3B) with soft margins (MarQ GM down 340bps q/q to 34.5%, below consensus).
Key takeaways: 1) Both MarQ CCG and DCAI down q/q with supply constraints while capacity prioritized to DCG and Panther Lake ramp impacting margins, 2) Foundry guided up DD% (we believe mostly internal), 4) INTC focused on executing Diamond Rapids (we est.
2H26E) and accelerating Coral Rapids (we est. ~2027E) and growing AI ASIC to >$1B/yr run-rate, and 5) Government Stake, Manufacturing Onshoring Create Potential 14A Foundry/Packaging EMIB tailwinds as customer announcements potentially in 2H26E for 2027-28E ramps, and 6) F26E Capex noted “flat to down” (prior down y/y) we est. $17.5-18B and 1H-weighted (Intel 7 and 18A capacity).
Maintaining Neutral, adjust estimates and PT to $48 from $41 as we see Server CPU better but margin headwinds and Foundry customer ramps only longer-term.”
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