Intel price target raised to $70 from $65 at KeyBanc

KeyBanc raised the firm’s price target on Intel (INTC) to $70 from $65 and keeps an Overweight rating on the shares. The firm notes server CPU demand remains outsized, Intel increased pricing twice for both server and client CPUs,and 18A yields continue to improve to 65% as Panther Lake ramp continues. KeyBanc also highlights 4A design win at Apple (AAPL) for low-end Mseries processor for MacBook and iPadm, and Google’s (GOOGL) “Humu Fish” TPU to use EMIB-T, which it sizes at $4B-$5B in revenues.