HSBC Upgrades Intel to Buy

HSBC analyst Frank Lee upgraded Intel (NASDAQ: INTC) from Hold to Buy with a price target of $95.00 (from $50.00).

“Upgrade to Buy (from Hold), TP USD95 (from USD50) on core business alone: We move to a PE multiple-based valuation but deploy a SOTP valuation based on a 2027e target PE of 26x for the core business.

We do not include the foundry business in our valuation as external customer related uncertainty remains.

Our rounded TP of USD95 (from USD50) implies c45% upside and we upgrade our rating to Buy (from Hold) based on the core business valuation driven mainly from server CPU shipment growth and price hikes leading to significant upside earnings potential.”

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