Intel shares rise above $119 amid analyst upgrades and foundry optimism

Intel shares rose approximately 7% to reach roughly $119.50, driven by analyst upgrades and optimism surrounding its foundry business. Tigress Financial raised its price target for the company to $145 from $118, citing increased Xeon demand and progress with Intel 18A. Northland also issued an Outperform rating with a $120 target, noting potential opportunities in manufacturing capacity and server CPU supply constraints.

The company is reportedly exploring manufacturing arrangements with SK Hynix. Additionally, reports suggesting a potential 10% increase in PC processor prices have acted as a catalyst for the stock. Recent financial data shows Intel's second-quarter revenue reached $16.1 billion, a 25% year-over-year increase, while its data center and AI segment sales grew 59% to $6.3 billion.