KeyBanc Reiterates Overweight on Intel, $155 PT

KeyBanc analyst John Vinh reiterated an Overweight rating and $155 price target on Intel (NASDAQ: INTC).

“Strong Results/Guide as Both CCPG and DCAI Beat; Capex Up Significantly for Both Internal/External Capacity; INTC posted strong 2Q26 results and guided 3Q26 solidly above, as both DCAI and CCPG beat.

Notably DCAI grew almost 60% y/y.

Key updates incl: 1) 18A yields ahead of expectations and continues to ramp; 2) 14A defect density and performance are ahead of 18A and have made the decision for high volume ramp in ’28; 3) EMIB-T backlog is growing with high volume customer ramp expected in ’27; 4) Capex raised significantly this year and next for both internal/external customers with tooling increasing 40% this year.

We’re encouraged by these strong results and are raising ests. Reiterate Overweight.”

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