Analyst Coverage of Intel Corp
Goldman Sachs has initiated coverage of Intel Corp, assigning a Neutral rating and setting a 12‑month price target of $150 per share. The bank’s note, authored by analyst James Schneider, highlights clear tailwinds for Intel, including rising demand for server CPUs driven by agentic AI and the company’s expanding foundry optionality.
The firm projects Intel’s advanced packaging revenue to reach $10 billion by 2030 and expects external wafer revenue to begin a higher growth trajectory by 2028. Despite these fundamentals, Goldman cautions that Intel’s closest peers—Nvidia Corp, Broadcom Inc, and Advanced Micro Devices Inc (AMD)—offer better revenue visibility and are trading at comparable or lower 2030 price‑to‑earnings multiples, making them more compelling relative opportunities.
Goldman’s analysis suggests that agentic AI could reduce GPU‑to‑CPU attach ratios from the current 2 times to a range of 1.1‑1.4 times, which would benefit Intel given the stickiness of its x86 architecture in enterprise environments. Nevertheless, the bank expects AMD to capture market share in the medium term because of a stronger product roadmap.
On valuation, Goldman describes the risk‑reward profile as “relatively balanced at current levels,” with its bull‑bear scenario showing a modest skew of 1.1 to 1 in favor of upside. The note concludes that while Intel benefits from a constructive backdrop, the presence of buy‑rated peers with superior revenue visibility limits Intel’s relative appeal.