Jun. 16 at 11:55 PM
Bank of America upgraded Intel to Buy from Underperform, citing stronger confidence in the company's ability to capitalize on growth opportunities in AI-driven data center processors and its expanding foundry business. The bank raised its price target to
$135 from
$96, implying nearly 20% upside from recent levels.
Analyst Vivek Arya said Intel is increasingly well-positioned to benefit from capacity constraints in advanced semiconductor manufacturing and packaging, while also gaining exposure to the rapidly growing market for AI-related server chips. BofA now expects Intel's earnings per share to exceed
$6 by 2030, significantly above its previous forecast of
$3 to
$4.
The bank projects Intel's server processor business could generate more than
$40 billion in revenue by 2030, representing roughly a quarter of a market estimated at over
$170 billion.
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