Overview
- Intel jumped roughly 7% to a 52-week high intraday and AMD rose about 6% after the upgrades, outpacing a weaker broader market.
- KeyBanc raised both stocks to overweight, citing research that Intel and AMD have largely sold out their expected 2026 server-CPU capacity.
- The firm set price targets of $60 for Intel and $270 for AMD, with KeyBanc standing as the lone Visible Alpha–tracked buy on Intel against a consensus near $41.
- KeyBanc highlighted Intel’s 18A yields above 60% as support for foundry ambitions, while Bank of America reiterated an underperform on Intel with a $40 target citing yield ramp and external-customer risks.
- Bank of America kept a buy on AMD and downgraded ARM to neutral on royalty and smartphone headwinds, with the next tests coming at earnings for Intel on Jan. 22, AMD on Feb. 3, and ARM on Feb. 4.