Wall Street Just Supersized Its Price Target on Intel. Is the Stock Still Too Cheap?

Intel stock has surged, with Bernstein boosting its price target to $100 from $65, and the shares trading around $121 in early action, up about 3% on the upgrade. The new target still sits below the current price, which hovered near $119.82, underscoring a stretched valuation after a blistering run. The upgrade follows Intel’s sharp year-to-date rally of about 225%, intensifying questions about whether the stock is still cheap. In Q1 2026, Data Center and AI revenue rose 22% year over year to $5.052 billion, while Foundry revenue grew 16% to $5.421 billion. CEO Lip-Bu Tan framed AI as moving from foundational models to inference and agents, expanding demand for Intel’s CPUs and wafer-and-packaging offerings. Bernstein’s target sits below the Street’s consensus and maintains a Market Perform rating, signaling caution amid the rally. Analysts’ overall view remains mixed, with a consensus price around $93.12, and a spectrum of Hold and Buy ratings. Valuation remains rich, with a price-to-sales near 11.95 and a forward P/E around 156x, while trailing EPS stands at -$0.61. Still, Intel has delivered six straight quarters of revenue above expectations, underscoring genuine momentum behind the turnaround.