Bank of America analyst Vivek Arya upgraded Intel from Underperform to Buy on June 11, raising his 12-month price target from $96 to $135. The move comes after Intel’s stock quintupled from roughly $20 in May 2025 to nearly $100 by early May 2026.
Intel shares have surged more than 200% year-to-date in 2026, and BofA maintained an Underperform rating through early 2026, citing valuation and execution risks.
What changed BofA’s mind
Arya’s bullish pivot centers on Intel’s server CPU business. BofA now projects server CPU revenue will exceed $40 billion by 2030, a figure that reflects surging demand for AI infrastructure and enterprise computing.
The upgrade also highlights opportunities in Intel’s foundry division, specifically in advanced packaging and leading-edge wafer production.
