Needham Reiterates Hold Rating on Intel (INTC)

Needham analyst N. Quinn Bolton reiterated a Hold rating and {REMOVEPT} price target on Intel (NASDAQ: INTC).

The analyst commented: "Intel reported a beat and raise, as all segments exceeded expectations, led by DCAI despite tight supply. Our key takeaways include: 1) DCAI continues to perform well, despite being constrained by wafer and substrate supply. ASIC revenue grew ~+20% Q/Q and nearly 300% Y/Y; 2) CY26 CapEx was raised to $20BN (from $18BN), and CY27 CapEx is expected to step up significantly from that level; 3) External foundry revenue grew +68% Q/Q. Management has now fully committed to a high-volume ramp of Intel 14A in 2028; and, 4) Client revenue performed better than expected, driven primarily by favorable mix and like-for-like price increases, and is expected to be flat Q/Q in 3Q26.

Despite the turnaround underway, we remain Hold rated as we believe Intel is losing share in DC CPUs, the company is not competitive in AI accelerators and valuation is rich."

For an analyst ratings summary and ratings history on Intel click here. For more ratings news on Intel click here.

Shares of Intel closed at $100.23 yesterday.

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