Mizuho Raises Intel Price Target to $135

Mizuho analyst Siti Panigrahi raised the price target on Intel (NASDAQ: INTC) to $135.00 (from $128.00) while maintaining a Neutral rating.

“We hosted an expert call on advanced packaging.

Key takeaways: 1) we see INTC’s EMIB-T and TSMC’s CoWoS-L 2.5D approaches gaining traction, we believe driving 8.0x/5.5x reticle sizes, enabling larger package sizes/dense chip connections while we estimate EMIB-T to be cheaper but with need improving yields to 99%, 2) we note glass substrate emerging, driving better thermal conductivity/denser wiring for closer connections, 3) 3D approaches ahead with Foveros/SoIC pushing further vertical integration, and 4) we believe EMIB-T/CoWoS-L could bring incremental demand for TSV/drilling/litho while SoIC/Foveros drive hybrid-bonding (CMP/plasma/chem/drilling) and PLP/glass driving wet/deposition/patterning.

We see ABF as the key constraint with one key supplier and AMKR as the leading glass substrate partner for INTC.

We see potential upside for WFE (LRCX, MKSI, AMAT) as more tools enable transition to Si bridges and larger wafers, while we raise INTC estimates, PT to $135 as we believe it could see EMIB-T/Foveros tailwinds.”

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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.