Shares of Intel Corp (NASDAQ:INTC) rallied in early trading on Friday, after the company on Thursday reported upbeat first-quarter results.

Here are the key analyst insights:

  • BofA Securities analyst Vivek Arya maintained an Underperform rating, while raising the price target from $48 to $56.
  • JPMorgan analyst Harlan Sur reaffirmed an Underweight rating, while lifting the price target from $35 to $45.
  • Rosenblatt Securities analyst Kevin Cassidy reiterated a Sell rating, while raising the price target from $30 to $50.
  • Needham analyst Quinn Bolton maintained a Hold rating on the stock.

Check out other analyst stock ratings.

BofA Securities: Intel reported strong quarter results and announced a healthy outlook, due to "accelerating demand and pricing power in server CPU driving agentic AI workloads," Arya said in a note. He added, however, that Intel's gross margins remained "subpar," with the company continuing to burn cash.

Despite the meaningful earnings beat, the analyst maintained an Underperform rating, citing:

  • Intel's stock already pricing in the company's recovery
  • Management projecting sales CAGR (compounded annual growth rate) of 10%-15% for 2025-2028, well below peers at 30%-40%
  • Intel's foundry "still needs to prove for external customers"

JPMorgan: Intel's first-quarter results and guidance for the second quarter came in higher than expectations across the board, Sur said. He added, however, that the quality of earnings remains an issue.

The analyst cited the following reasons for maintaining the Underweight rating:

  • The company is likely to witness gross margin headwinds in the second half of the year.
  • While server CPU is in a structural upcycle that is likely to extend into 2027, Intel could lose market share over the next 12 to 18 months.
  • A double-digit decline is likely in PC units in 2026, with channel inventory being at historic lows. "Once channels restock, CCG likely tracks consumption, pointing to a down year in CY27," he wrote.

Rosenblatt Securities: Intel reported revenues of $13.58 billion and non-GAAP earnings of 29 cents per share, topping consensus estimates of $12.42 billion and 2 cents per share, respectively, Cassidy said. Non-GAAP gross margins contracted by 0.7% sequentially to 41.0%, he added.

Intel guided to second-quarter revenue of $14.3 billion at the midpoint, above consensus of $13.1 billion, the analyst stated. "Management now expects the PC unit TAM to decline in the low double digits while server CPU units grow at a double-digit rate, with this momentum extending into CY2027," he further wrote.

Needham: Intel indicated that its revenue in the first quarter could have been higher by more than $1 billion if supply was not this tight, Bolton said. Strength in server CPU is expected to continue due to demand from AI infrastructure, with the company projecting double-digit growth in industry units in 2026 and the momentum continuing in 2027, he added.

"The company’s foundry revenue came in above expectations as management noted that 18A yields are ahead of internal projections," the analyst wrote. The company expects 2026 capex to be higher than it had earlier projected, he further stated.

INTC Price Action: Shares of Intel had risen by 22.87% to $82.05 at the time of publication on Friday.

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