Freedom Broker Upgrades Intel to Buy, $100 Price Target

Freedom Broker analyst Egor Tolmachev upgraded Intel (NASDAQ: INTC) from Hold to Buy with a price target of $100.00.

“Intel’s Q1 FY26 print marks a credible inflection in the “new Intel” thesis under Lip-Bu Tan, with a material beat across revenue, gross margin, and EPS, and — for the first time in several quarters — forward guidance that reinforces rather than undercuts the operational narrative.

Demand continues to run ahead of supply across every business, while the structural mix shift toward AI-driven revenue (now ~60% of the total, up ~40% y/y) provides both a coherent growth story and tangible commercial proof points.

DCAI was the standout, anchored by the multi-year Google CPU/ASIC agreement, the NVIDIA DGX Rubin host-CPU win, and the SambaNova collaboration.

The Foundry story is becoming more believable: 18A yields are tracking ahead of plan, 14A early signals are encouraging, and advanced packaging has been re-scaled from a “hundreds of millions” to a multi-billion-dollar opportunity, while the Terafab partnership with SpaceX, xAI, and Tesla — alongside credible speculation around Apple — adds meaningful optionality.

There are still substantial execution risks to this story, but we believe that most of expected tailwinds to materialize in the coming quarters. We upgrade INTC to BUY with a $100 price target.”

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