Bank of America Maintains Buy Rating on Intel with Target Price of $160

Bank of America has maintained its Buy rating on Intel (INTC) with a target price of $160. Intel's second-quarter performance exceeded expectations and it raised its guidance, validating two core supports for its bullish logic. Discussions with external foundry customers have entered a concrete phase, driving an expansion in capital expenditures, which could benefit semiconductor equipment companies. Intel's core server CPU business is actively participating in the AI cycle, with data center revenue growing 59% year-over-year, marking the highest growth rate in the past 15 years. Intel possesses advanced process manufacturing capabilities in the U.S. and has received support from the White House, creating a long-term competitive advantage. The market needs to watch whether Intel will finance its capital expenditures through measures such as issuing new shares, and additionally, the company could raise funds by selling non-core assets or collecting advance payments from potential customers.

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