Intel price target raised to $96 from $56 at BofA

BofA raised the firm’s price target on Intel (INTC) to $96 from $56 and keeps an Underperform rating on the shares. The company’s foundry deal with Apple (AAPL) could provide $10B in sales by 2030, the analyst tells investors in a research note. The firm says that while discussions are likely still ongoing, the deal is related to earlier Intel comments that its foundry is engaged with customers to manufacture ARM-based processors. Given Apple is currently a 17% customer for TSMC which does $160B per year in sales, the deal represents a potential addressable opportunity of $35B-$40B for Intel, with a 25% share representing $10B per year potential sales over time, contends BofA. The firm, however, believes “these upsides are already fully valued” in Intel shares.