HSBC has doubled its price target on $Intel(INTC)$ , with Frank Lee raising the target from $100 to $200 while keeping a Buy rating. The upgrade comes from Intel Foundry Services being included in the bank's sum-of-the-parts valuation for the first time, and this now stands as the Street's most bullish call by a wide margin.
Lee's view centers on tight global advanced packaging and wafer capacity, especially around TSMC CoWoS constraints, which he sees pushing hyperscalers toward Intel's EMIB packaging and 18A.
HSBC also raised its 2026 and 2027 server CPU shipment growth estimates to 25% and 30% year over year, which drives their DCAI revenue projections well above consensus. Management reinforced that picture, noting 18A yields are tracking ahead of expectations and calling Q2 the "seventh consecutive quarter of exceeding our financial expectations." CEO Lip-Bu Tan described Q2 as the "strongest revenue growth in more than fifteen years."
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