Mizuho upgrades Intel to Buy into ‘significant’ new product launches

Mizuho analyst Vijay Rakesh upgraded Intel (INTC) to Buy from Neutral with a price target of $50, up from $37. The analyst believes Intel is lining up “significant” new server product launches and foundry customer announcements in the next six months. The company has a better 2024 compute and data center product roadmap versus peers and historical rollouts, and is facing a PC and data center industry upcycle next year, the analyst tells investors in a research note. In addition, the firm believes the Altera FPGA spinoff adds $17 per share of value. It notes the stock trades at a discount to AMD (AMD) and Nvidia (NVDA).