JPMorgan views Intel’s announcements last night as better clarification on previously announced actions and not incremental changes. For the foundry business, Intel has not changed its view of meaningful revenue ramp by external foundry customers until 2027, although the pipeline continues to build, the analyst tells investors in a research note. That said, the company did announce an expanded strategic collaboration with Amazon Web Services, which should add some incremental confidence on its expanding customer pipeline, adds JPMorgan. The firm keeps an Underweight rating on Intel with a $26 price target.
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