Bank of America Upgrades Intel
Bank of America upgraded Intel (NASDAQ: INTC) from a bearish to a bullish rating on June 11, 2026, raising its price target from $96 to $135. This significant move reflects a belief that increased demand for artificial intelligence (AI) technology will shift spending towards central processors and chip manufacturing, predicting the server processor market will grow from $125 billion to over $170 billion by 2030, with Intel capturing approximately 25% of that market.
Following the upgrade, Intel’s stock rose about 6%, closing near $125. In Q1 2026, Intel reported a 22% year-over-year increase in data center and AI revenue to about $5.1 billion, indicating strong growth in its core business. In the same quarter, Intel generated only $174 million in external foundry revenue as it seeks to expand its manufacturing capabilities.
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