Intel Corporation received a series of analyst upgrades, driven by improving conditions in the PC market and growing demand for server processors linked to agentic AI. Seaport Global raised its rating on Intel shares to Buy, citing early signs of a PC recovery and progress in manufacturing execution, while HSBC lifted its view to Hold on expectations of stronger server CPU demand.
Seaport upgraded Intel from Neutral to Buy and set a $65 price target, pointing to strengthening momentum in the company’s core product lineup and a more constructive near-term outlook for Intel Foundry. The firm highlighted improving fundamentals across Intel’s main businesses as a key driver behind the more optimistic stance.
Intel’s upcoming Panther Lake PC processors are expected to support growth this year, aided by encouraging feedback from PC manufacturers following CES. Seaport believes these chips could help Intel regain market share across both enterprise and consumer PC segments.
Panther Lake also represents the first commercial rollout of Intel’s 18A manufacturing process. According to Seaport, early signals suggest the 18A node is competitive, helping to rebuild Intel’s credibility in advanced manufacturing after years of trailing industry rivals.
In the short term, Seaport expects most external customers to work with Intel primarily on advanced packaging rather than leading-edge chip fabrication. Capacity constraints at TSMC are seen as creating opportunities for Intel to attract new business, which could keep the foundry unit relevant while execution continues to improve.
Separately, HSBC upgraded Intel to Hold from Reduce and raised its price target to $50 from $26, citing a rebound in server CPU demand driven by agentic AI. The bank argued that markets are underestimating growth in traditional server processors as AI workloads increasingly rely on autonomous agents that require substantial general-purpose computing power.
HSBC forecasts Intel’s server CPU shipments to grow between 15% and 20% in 2026, significantly above consensus expectations of mid-single-digit growth. The bank also increased its 2026 data center revenue estimate by 18% to $19.8 billion, supported by higher shipment volumes and improved pricing from a richer product mix.
While uncertainty around Intel’s foundry strategy remains, HSBC noted rising engagement from external customers and potential upside from advanced packaging services. Although visibility on large-scale contracts is still limited, the bank said stronger core demand supports a more balanced outlook on the stock.
