英特尔上调目标价至135美元并给予买入评级

Double-upgrade to Buy on increased CPU,foundry visibility; PO $135 Rating Change: BUY | PO: 135.00 USD | Price: 107.04 USD Double-upgrading to Buy from Underperform, PO $135We double-upgrade Intel (INTC) to Buy from Underperform on higher confidence in INTC's 11 June 2026 opportunity to help address industry constraints in leading edge wafers/packaging, plussupply into a much larger agentic CPU TAM. Seeaccompanying industry reportfor INTC’sposition in therising server CPU opportunity of $170bn+ by CY30. Overall, we now seethe total IDM CY30 EPS power of $6+ vs. $3-4 prior, though execution in bothproduct/foundry remains key. We also point to the recent CDNS‘14A node’IP sign-upand Terafab engagements as additional supportive data points, helping build INTC’slonger-term visibility in external foundry with a more sustainable IP ecosystem. We raiseests and PO to $135 from $96 prior, now based on a comprehensive IDM valuation of 25xat CY30E EPS power of ~$6.24, discounted back two years, given the longer-term natureof foundry opportunities and a shift from our prior CY28E sum-of-parts methodology. Equity Agentic CPUs >$40bn, Foundry >$45bn opp’ty by CY30EFor Products, we nowexpect INTC server CPUs sales to reach ~$40bn+ by CY30E, or about ~25% share of $170bn TAM. For Foundry, we size the opportunities of the dealsINTC is potentially engaged with: Apple M-Series wafers, MediaTek TPU wafers, TerafabIP/packaging, other ARM-based server CPUs, and edge AI expansion into Client. Vivek AryaResearch AnalystBofASvivek.arya@bofa.com INTC only 16% owned despite $500bn+ market capMeanwhile, INTC is the 2nd least owned (after SNDK) semis/AI infra stock in SPX as of Duksan JangResearch AnalystBofASduksan.jang@bofa.com May 2026 despite its ~$540bn mkt cap being 5th in the group. At just 16% ownership(up ~300bps MoM), we flag potential for ownership broadening to lead to stock gains,such as AMD ownership rose +1400bps YoY to 39% in May (AMD stock +309% YoY). Michael ManiResearch AnalystBofASmichael.mani@bofa.com Risks:CPU competition, capex/spend, execution Liam PharrResearch AnalystBofASliam.pharr@bofa.com Key risks are intensifying ARM/custom competition, potential AI capex moderation(affecting CPU spend), and leading-edge design/foundry execution. Power and costconstraints also matter. Still, with CPU TAM up ~40% and its roles structurallyexpanding, we expect a high-conviction, multi-year upgrade cycle ahead. Stock Data BofA Securities does andseeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 12 to 14. Analyst Certification on page 10. PriceObjective Basis/Risk on page 10.12983104 See glossary on page 8. Timestamp: 11 June 2026 06:00AM EDT iQprofileSMIntel Company SectorSemiconductors Company Description Intel Corporation is one of the leading semiconductorcompanies worldwide, supplying advanced technologysolutions for the computing industry. Intel's primaryproducts include microprocessors, chipsets andmotherboards. Investment Rationale We rate Intel Buy. We see opportunity for potentialturnaround with the newly appointed CEO and the long-awaited launch of 18A node process - towards both serverCPU product and external foundry businesses. Whilemanufacturing roadmap/execution remains a key risk, wenow see a path toward a more sustainable integratedProduct/Foundry IDM over time which can deliver longer-term earnings and cash flows. Stock Data Average Daily Volume141,808,720 INTC: Upgrade to Buy from U/P, PO $135 We highlight INTC’s expanded opportunity in server CPUs (similar to AMD described inthe AMD section) which it can manufacture itself (gives higher supply visibility), as wellas increased opportunities in its external foundry business. Fully established IDM by CY30, EPS power $6+Particularly, we now value INTC as a fully integrated IDM company with EPS power of ~$6.24 by CY30 (25x historical PE), discounted back two years to CY28. This is a change from our prior CY28 sum-of-parts valuation methodology (more onExhibit 2) which we now believe under-represents many of the company’s CPU andfoundry potentials that are further out in CY29-30+. -Products:We now expect INTC server CPUs sales to reach ~$40bn+ by CY30E (vastmajority of DCAI segment is server CPUs), or about ~25% share of $170bn TAM. -Foundry:While we are not changing our base case foundry segment model untilthere is further clarity on specific deal details, we present the multiple deals INTC iscurrently engaged with, size the potential opportunities below. Opportunities spanacross: Apple M-Series wafers, MediaTek TPU wafers, Terafab IP/packaging, andpotentially other ARM-based server CPUs, edge AI expansion into Client–all mademore possible via rece