Evercore ISI Reiterates Outperform on Intel, $133 Price Target

Evercore ISI analyst Mark Lipacis reiterated an Outperform rating and $133 price target on Intel (NASDAQ: INTC).

“We like both the fundamental and cyclical set up for INTC heading into its 3Q26 earnings report.

From a fundamental standpoint, our recent channel checks indicate positive trends for server CPU demand, ASPs and mix, consistent with our CPU Renaissance Thesis.

From a cyclical standpoint, we’ve argued semis are in the late-innings of the cycle due in part to the fact that the Street is forecasting NTM EPS to be above previous peak levels – in many cases, well above previous peak.

INTC is one of the few stocks in our coverage universe where consensus NTM earnings are actually 50% below previous peak.

Our regression of semi’s earnings reports during the 3Q26 earnings season so far shows an inverse correlation between stock performance the day after reporting earnings and how far above previous peak earnings is consensus NTM forecast.

As INTC’s NTM earnings is well below previous peak, we think the probability is high it will trade higher on a positive 3Q26 print and 4Q26 outlook.”

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