Major Bank Ratings | Citi: Significantly Raises Intel Target Price to $95, Upgrades Rating to “Buy”

Glonghui, April 27 — Citi released a research report, upgrading Intel’s rating from “Neutral” to “Buy” due to the ongoing increase in server CPU demand driven by proxy artificial intelligence, which is expected to boost sales growth for all CPU suppliers in the coming years. In addition, the company's execution progress in the 18A and 14A process yields is better than expected. Citi also believes Intel will become a major beneficiary of Elon Musk’s Terafab project. The cooperation between both parties this time reflects that, under the leadership of CEO Pat Gelsinger, Intel is building a successful foundry business. Intel CEO Pat Gelsinger has made reasonable adjustments to the company’s scale and demonstrated robust execution capabilities. Citi raised Intel’s target price from $48 to $95.