Piper Sandler Initiates Intel at Neutral, $110 PT
Piper Sandler analyst David O’Connor initiates coverage on Intel (NASDAQ: INTC) with a Neutral rating and a price target of $110.
“INTC is benefiting from the take-off of Agentic AI driving demand for its CPU server products, where supply is limited and supply/demand balance is unlikely until 2029-30E timeframe.
This provides a strong launchpad for DCG to deliver high-teens revenue CAGR to 2030E, more than offsetting PC memory related concerns.
Focus on the stock today is on Foundry and Intel’s ability to catch-up in 14A manufacturing, where customer evaluations have been surprising on the upside.
Management is doing an excellent job rebuilding the company culture, products and customer trust.
That said, we estimate share price is already discounting ~15% foundry share gains, which is a full fab module (Fab-62) and accounts for 45% of the share price.
We initiate at Neutral on valuation with a PT of $110.”
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