HSBC Raises Intel Price Target to $200

HSBC analyst Frank Lee raised the price target on Intel (NASDAQ: INTC) to $200.00 (from $100.00) while maintaining a Buy rating.

“In our 21 April Upgrade to Buy note, we highlighted the unpriced server CPU upside as the key catalyst and did not include Intel Foundry in our SOTP valuation amid external customer-related uncertainty.

Since then, the foundry capacity bottlenecks – both front and back end – have been widely acknowledged, and Intel’s external customer engagement has been growing for both.

We expect design commitments starting 2H26. Hence, we include Intel Foundry in our SOTP valuation, driving our TP increase.

Intel is well positioned to deliver upside to 2026/27 server CPU shipments, driven by internal foundry capacity reallocation.

For 2026, we raise our server CPU shipment growth estimate from 20% to 25% y-o-y, driving our DCAI revenue estimate to USD24.1bn (4% above consensus).

While the gap with consensus has narrowed for 2026, we believe the street still underestimates 2027 growth potential despite a 23% upward revision since Intel’s 1Q26 results.

We raise our 2027 server CPU shipment growth estimate from 20% to 30% y-o-y as capacity for server CPUs expands amid reallocation, along with the ramp of 18A – running ahead of internal projections.

Our 2027 DCAI revenue estimate of USD33.0bn is 20% above consensus estimates.”

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.