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Intel Soars 10% as Bank of America Upgrades Rating to 'Buy', Predicts Doubling of Long-Term Profitability

On June 11, Intel's stock surged by 10% in early trading. This increase follows Bank of America's upgrade of Intel's rating from 'Underperform' to 'Buy', setting a target price of $135. The core reason for this upgrade is Bank of America's growing confidence in the prospects of Intel's server chip business and its external foundry operations. The analysis team stated that previous estimates based on a cumulative valuation method for 2028 underestimated the company's long-term potential in chip manufacturing and foundry services. The bank now expects Intel's earnings per share to exceed $6 by 2030, a significant increase from the previous estimate of $3 to $4.

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