Bank of America's analyst finally turns bullish on Intel after a 200% year-to-date surge, setting a $135 price target on a stock the firm told clients to avoid for years.
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.
Shares responded to the upgrade with an intraday pop of 5% to 10%.
The long road from $20 to $100 #
In May 2025, the stock was hovering around $20, battered by execution concerns, market share losses to AMD and Nvidia, and a balance sheet that had absorbed significant losses from its foundry buildout.
AI-related demand for server chips accelerated faster than most analysts anticipated, Intel’s newest processor generations started winning back enterprise customers, and the company’s balance sheet stabilized. From approximately $20 to nearly $100 in twelve months is the kind of move that turns skeptics into believers, which is essentially what happened at BofA.
What this means for investors #
Arya’s $135 target implies roughly 35% additional upside from recent levels near $100, which requires Intel to actually deliver on its ambitious roadmap.
If server CPU revenue genuinely hits $40 billion by 2030, Intel is trading at a reasonable multiple relative to its growth trajectory. The foundry business could become a legitimate profit center if Intel captures even a modest share of the advanced packaging market currently dominated by TSMC. Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our