Apr. 21 at 11:21 PM
$INTC $LSCC
Stile raised price targets on Intel and Lattice were raised to
$65 and
$130 from
$42 and
$110, respectively.
“INTC is a separate, longer-duration thesis: 18A yield progress and a Lip-Bu Tan-led foundry repositioning are noteworthy, but near- term gross margins anchored in the low-to-mid 30s% and a largely absent AI compute strategy (for now) continue to point us in the direction of opportunities elsewhere.
“LSCC offers a cleaner, less crowded expression of the AI server build-out: FPGA attach rates per server are moving from ~
$1 to
$3–4, server-based revenue grew 85% in 2025, and the valuation — bouncing off its five-year average as a floor — offers reasonable upside to our
$130 target with less execution complexity than either AMD or INTC.”
