TD Cowen raised the firm’s price target on Intel (INTC) to $38 from $35 and keeps a Hold rating on the shares. The company reported a “refreshingly clean set of results and guidance,” the analyst tells investors in a research note. TD says that while Intel’s revenue is benefitting from Windows 11 upgrades and server strength, the company is seeing gross margin headwinds for 2026 while the deconsolidation of Altera takes numbers lower again. The quarter’s headlines are positive, but Intel “still needs to go right” for its fundamentals to catch up with the stock, contends the firm. TD’s estimates for Intel’s 2026 come down “materially” despite the target bump.
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