Intel upgraded to Buy from Hold at Freedom Broker

Freedom Broker upgraded Intel (INTC) to Buy from Hold with a price target of $100, up from $25. Intel’s Q1 report, with a material beat across revenue, gross margin, and EPS “marks a credible inflection” in the “new Intel” thesis under Lip-Bu Tan and for the first time in several quarters includes “forward guidance that reinforces rather than undercuts the operational narrative,” the analyst tells investors. Demand continues to run ahead of supply across every business, while the “Foundry story is becoming more believable” with 18A yields tracking ahead of plan and 14A showing “early signals” that are “encouraging,” the analyst added.