INTC Upgraded to Buy by HSBC: $95 Target Sparks 4% Rally
Intel (INTC) shares surged more than 4% in Friday morning trading after HSBC Securities elevated the chipmaker from Hold to Buy, setting a new price target of $95—a massive increase from its previous $50 target. The upgrade, published just hours ago, marks the first major conviction buy added to Intel’s coverage this week and signals renewed Wall Street confidence in the company’s turnaround strategy.
What Happened
HSBC Research released its analyst note early Friday, citing Intel’s improving manufacturing roadmap, growing data center demand, and potential upside from its AI accelerator push. The firm emphasized that Intel’s current valuation “does not reflect the material progress in its chip production capabilities,” making it a compelling entry point for investors. The rating change followed a broader rotation out of tech stocks after a hot jobs report fueled Fed hike bets, but Intel stood out as a relative leader in the sector.
Analyst Take
The Street is responding quickly to the upgrade. HSBC’s $95 target implies nearly 100% upside from Intel’s current price, a bold call that has already attracted attention from active traders. BNP Paribas also joined the bullish wave, upgrading Intel from Underperform to Neutral with a $60 price target. KeyBanc upgraded CrowdStrike (CRWD) to Overweight, but Intel’s upgrade was the most significant by target increase. Analysts note that Intel’s recovery is still fragile, but the HSBC move suggests the market is ready to reward progress.
What to Watch
Investors should monitor Intel’s next earnings call for updates on its AI chip timeline and data center growth. The stock faces resistance near $55, with a key support level at $48. If Intel breaks above $55, the $95 target could become a realistic near-term goal. Also watch for any Fed commentary on interest rates, as higher rates could pressure tech valuations. The next catalyst is Intel’s Q2 earnings report, expected in late July.