On April 27, Intel (INTC) rose 3.1% pre-market, trading at $85.15/share, with trading volume of approximately $69.32 million. The move comes as Citi released a research note upgrading Intel from Neutral to Buy and raising its target price from $48 to $95.
Citi cited sustained server CPU demand driven by agentic AI as a key catalyst, projecting sales growth across all CPU suppliers in the coming years. The bank also highlighted better-than-expected execution on 18A and 14A process node yields, and identified Intel as a major beneficiary of Elon Musk's Terafab project. Citi noted that under CEO Lip-Bu Tan's leadership, Intel is building a successful foundry business with disciplined execution and rightsizing efforts.
The upgrade follows Intel's Q1 earnings report released on April 24, which significantly beat expectations on both revenue and forward guidance, sending shares up over 20% in after-hours trading. Within the Semiconductors sector, the broader group is trading higher, with Taiwan Semiconductor Manufacturing up 2.43%, Micron Technology up 1.97%, Advanced Micro Devices up 1.2%, NVIDIA up 0.24%, and Broadcom up 0.05%.
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