Evercore ISI Raises Intel Price Target to $45

Evercore ISI analyst Mark Lipacis raised the price target on Intel (NASDAQ: INTC) to $45.00 (from $41.10) while maintaining a In Line rating.

“Encouraging Developments, But A Lot of Wood to Chop – Reiterate In Line. INTC is trading 11% lower AH following a Beat/Miss with 1Q guided slightly below seasonal amid internal supply-constraints.

INTC made progress: 1) 0.5 PDK for 14A expected by 1Q26, 2) 1.0 PDK for 18A achieved in 4Q25, 3) Custom ASIC revs +50% YY in 2025 and now $1bn+ run-rate, 4) DCAI revs +15% a 10yr+ record despite being supply-constrained, 5) 18A yields ahead of internal plans increasing 7%-8% per month, 6) EMIB-T and other Adv Packaging revs now seen in $1bn+ vs prior $100m+ rev size, 7) recent centralization of DCAI organization tightening coordination across CPU, GPU, platform and 8) $3.1bn in adj FCF generation in 2HCY2025 vs $4.7bn loss in 1H.

However, there still remains plenty of wood to chop in INTC’s multi-year transition.

We view the risk/reward ratio as balanced, with improving execution and geopolitical tailwinds offset by high valuation and multiyear effort to win foundry customers and close the transistor gap at 14A.

AH trading levels are slightly above our Bull-Case SoTP valuation of $45 (our new PT). Reiterate In Line.”

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