Northland raised Intel's price target to $92, the highest on the Street, citing higher fab valuation.
Intel increased its PP&E valuation from 1x to 3x balance‑sheet value and repurchased 49% of Fab 34 for $14.2 bn.
Intel secured deals with the U.S. government, Nvidia, Tesla and Google, and generated $17.9 bn cash inflows from investors and Altera sale.
Northland expects 3nm capacity to tighten in 2027, noting a decade‑long shortage of leading‑edge logic fabs and limited competition.