KeyBanc Increases Intel Price Target to $155
KeyBanc analyst John Vinh raised the price target on Intel (NASDAQ: INTC) to $155 (from $110) while maintaining an Overweight rating.
“INTC (positive, Overweight, increasing estimates, increasing PT to $155 from $110) – Positive takeaways include: 1) Demand for server CPU remains outsized given strong agentic AI trends, while INTC has been able to expand capacity at INTC 3 to support +25-30% unit server growth this year and over 50% next year.
2) Yields on 18A continue to improve meaningfully to over 85% from 65% last quarter. 3) We see signs INTC plans to significantly expand 18A capacity given improving yields and customer design wins.
In addition to AAPL, we believe INTC has also been able to secure design wins with AMD, NVDA, MRVL, MSFT, MU, and OpenAI.
4) INTC has secured its second significant design win on EMIB-T with AWS Trainium 3 in addition to Google’s TPU Humu Fish. 5) Increasing pricing on client CPUs again in 3Q26 by +6-15%.
As most of the significant growth opportunities in foundry and EMIB-T ramp in 2029/30, we’re introducing 2030 rev/EPS est of $132B/$7.58 and are modeling $10.6B in foundry revs and over $22B in EMIB-T revs.
Our $155 PT is based on 20x our 2030 EPS est.”
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