Intel Earns Buy Upgrade to $95 Target as Server CPU Shipments Surge 20%
HSBC and BNP Paribas upgraded Intel to Buy, with HSBC raising its price target from $50 to $95 after forecasting 20% YoY server CPU shipment and ASP growth in 2026 and further gains in 2027. KeyBanc projects a semiconductor cycle through 2027, expecting 22% ex-memory revenue growth in 2026.
1. HSBC Upgrade Details
HSBC upgraded Intel to Buy from Hold, raising the price target to $95 from $50 based on robust server CPU demand. The firm projects server CPU shipments will increase 20% year-over-year in 2026 with average selling prices rising 20%.
2. BNP Paribas Upgrade
BNP Paribas also upgraded Intel, reinforcing positive sentiment ahead of the company’s upcoming results. The upgrade adds to momentum following HSBC’s bullish stance on improving margins and pricing power.
3. KeyBanc Semiconductor Cycle Outlook
KeyBanc forecasts the broader semiconductor cycle to run through at least 2027, with ex-memory revenue growth of 22% in 2026, up from prior estimates of 19%. This view is underpinned by normalizing non-AI inventory levels and firming chip pricing trends.
4. Stock Price Movement
Intel’s stock recently slipped nearly 4% intraday despite the sector’s gains, after climbing over 40% in the past month. The pullback reflects profit-taking and investor caution ahead of fresh earnings catalysts.