Bank of America Intel · INTC

Bank of America Reiterates Underperform on Intel, $40 Price Target

Analyst: Vivek Arya 1 min read Reproduced verbatim
Rating
Underperform
Unchanged
Target
$40
Downside
−39%
INTC at $65.76 today
Bank of America and Intel logos

What the analyst said

BofA Securities analyst Vivek Arya reiterated an Underperform rating and $40.00 price target on Intel (NASDAQ: INTC).

“We reiterate our Underperform rating and $40 PO since in our view the stock is well ahead of Intel’s (INTC) capability to deliver a competitive/profitable business model.

We appreciate the scarcity value of leading-edge manufacturing, but if INTC cannot deliver the right manufacturing yield for its own products at current-gen 18A node, it may not be able to promise flawless execution to external customers at the more advanced 14A process in a foundry market where INTC has no scale or history of execution.

Even if INTC were to get a few $bn of external revenue, it’s unlikely to move the needle in a business that is doing $50bn in sales currently.

All-in, we model sales growth of 3-7% annually for the next 3 years, including $2bn/$4bn in external foundry sales in CY27/28E. Keep $40 PO on unchanged 3.5x CY27E EV/S.”

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Where the price stands

INTC trades at $65.76. The 26 analysts who set a target in the last 3 months range from $70 to $165, with a median of $90. This $40 target is 56% below the median, the lowest on the Street.

Since the note INTC has moved +21% (from $54.32). 12-month window: day 283 of 365, closes on January 23, 2027.

Track record

This callOpen: INTC has not reached $40 yet. This 12-month target is scored on January 23, 2027.

Firm track recordBank of America: 86% of its 37 targets at least a year old were reached within 12 months (#10 of 21 firms); on Intel, 4 of 4. Accuracy ranking →

Earnings reactionOne of 18 notes after Intel’s Jan 22 results: 12 raised · 2 cut · 3 kept. See every call →

Bank of America on Intel

Bank of America price targets on Intel

8 calls from March 13, 2025 to April 24, 2026. The target went from $25 to $56 (+124%). The rating moved from Hold to Sell.

Bank of America targetINTC share price
  1. April 24, 2026Target raised from $40 (+40%)Sell$56
  2. January 23, 2026Kept the $40 targetSell$40
  3. January 23, 2026 This noteTarget raised from $34 (+18%)Sell$40
  4. October 13, 2025Downgraded to Sell, target raised from $25 (+36%)Sell$34
  5. July 23, 2025Kept the $25 targetHold$25
  6. April 14, 2025Kept the $25 targetHold$25
  7. April 1, 2025Kept the $25 targetHold$25
  8. March 13, 2025Earliest call shownHold$25
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Other analysts on Intel

Freedom BrokerHold Downgraded, cut price target −10% Oct 30 $90from $100 TD CowenHold Cut price target −21%, kept rating Oct 30 $75from $95 JP MorganHold Cut price target −6%, kept rating Oct 30 $80from $85 RBC CapitalHold Cut price target −25%, kept rating Oct 30 $75from $100 Piper SandlerHold Cut price target −18%, kept rating Oct 30 $90from $110
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.