Intel upgraded to Buy by Bank of America, price target lifted to $135

Bank of America analyst Vivek Arya upgraded Intel’s rating from Underperform (Sell) to Buy on June 11, raising the 12‑month price target from $96 to $135. The upgrade was driven by growing confidence in Intel’s server‑CPU business and its foundry division, especially the expected surge in AI‑related demand, advanced packaging and leading‑edge wafer production. Intel’s shares jumped about 9 % on the day of the upgrade, continuing a rally that has taken the stock from roughly $20 in May 2025 to near $100 in early 2026, a gain of more than 200 % year‑to‑date. BofA now projects server‑CPU revenue to exceed $40 billion by 2030 and sees the foundry unit as a potential profit centre, while noting that execution risks remain critical for the outlook.