Evercore ISI Upgrades Intel to Outperform, $111 Price Target
Evercore ISI analyst Mark Lipacis upgraded Intel (NASDAQ: INTC) from In Line to Outperform, with a price target of $111.00 (from $45.00).
“CPU Renaissance Play. It has been easy to not like INTC.
It lost transistor leadership to TSMC a decade ago, it has been losing share to both AMD in x86 and ARM-based solutions made by its own customers, the company mis-executed on both product and manufacturing, taken on debt, and GPUs appeared to replace CPUs as the processing engine of choice.
But three things have changed: 1) CPU Renaissance: The fastest growing AI workloads need a lot more CPUs, and might even flip the CPU:GPU ratio from 1:8 to 8:1, 2) Improved Execution: INTC’s new CEO fixed the balance sheet, and is executing on a strategy that appears to have put INTC back on the competitive track, 3) Geopolitical Dynamics – have shined a light on INTC’s unique position as the only US-based leading edge maker of chips – INTC formed alliances with the US Gov’t, NVDA and Tesla – we expect more.
INTC is up 100% YTD so our timing is not optimal, but we think there is more to go. Our PT is $111.”
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