Rating
Unknown
Price target
$60
Previous
$50
Implied downside
-3%

TD Cowen analyst Joshua Buchalter raised the price target on Intel (NASDAQ: INTC) to $60.00 (from $50.00).

“Intel, may be best positioned in the near term to benefit from inflecting server CPU demand and shortages given it is not beholden to TSMC for capacity.

While the company has done some outsourcing of PC-parts/tiles at TSMC, its server CPU roadmap is predominantly done in-house.

As a result, Intel could stand to capture incremental server demand given insulation from TSMC bottlenecks, though we note this relies on (1) Intel’s ability to manufacture more advanced node parts, where manufacturing progress visibility remains limited and (2) customer demand for Intel’s products, which has more recently been skewed towards older Intel 10/7 generation parts.

We believe reclaiming full control of Fab 34 was a sign of this improved demand picture.

Intel has been ceding share at cloud vendors for more advanced server CPUs, but given tightness at TSMC, the company could improve its position if it is able to ramp and yield more Intel 3-based Sierra Forest and Granite Rapids parts.

Still, we would note competitive challenges in the CPU space at Intel in the near-medium term. We estimate Intel 3-based server CPU parts were only ~20% of 4Q25 units.

In fact, management has pointed to Coral Rapids (expected ~2H27+) as more likely to change the competitive dynamics in server CPUs than Diamond Rapids (expected 2H26).

Lastly, acknowledging recent progress, we continue to struggle with valuation, with Intel trading at ~63x 2027 EPS… nearly 4x NVIDIA’s multiple.”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.

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