HSBC Raises Intel Price Target to $100
HSBC analyst Frank Lee raised the price target on Intel (NASDAQ: INTC) to $100.00 (from $95.00) while maintaining a Buy rating.
“We believe the magnitude of Intel 2Q26e guidance beat supports our thesis, highlighted in our upgrade note (21 April), that server CPU upside would to start to manifest starting from 2Q26e.
We also highlighted that the server CPU upside potential remains undervalued by the market, as we expect overall 2026/27e server CPU shipments to grow 20%/21% y-o-y, driven by the rise of agentic AI.
We also believe the market has been underestimating Intel’s CPU ASP upside as well as its ability to re-allocate its own foundry capacity to unlock further CPU unit growth, considering a CPU shortage environment that we expect to persist until 2027e.
Hence, our 2026e/27 DCAI revenue estimates of USD23.2bn/USD29.4bn are now 17%/31% above consensus estimates of USD19.9bn/USD22.4bn.
Our 2026/27e GM of 41.3%/45.0% are also above consensus of 37.2%/41.3%.”
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