Needham Reiterates Hold Rating on Intel

Needham analyst N. Quinn Bolton reiterated a Hold rating on Intel (NASDAQ: INTC).

“Intel reported a beat to its 4Q25 results, however, guidance came in below our and the Street’s expectations.

Our key takeaways include: 1) Supply remains tight, and the company anticipates to undership demand through the rest of the year.

We note these supply constraints are expected to peak following Q1; 2) Gross margin guidance for Q1 came in below our estimates largely due to mix and lower revenue.

Margins are expected to steadily tick up through the year; and, 3) On foundry, the company looks to be making progress in 18A yields while 14A customer decisions are expected to be made in 2H26 and customers are currently engaging with the PDK.

We continue to believe Intel’s turnaround will take time as the company is under pressure in the data center market and supply constrained on the PC side. We remain Hold rated.”

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