Bank of America Double Upgrades Intel to Buy With $135 Target as Agentic AI Lifts CPU Demand
Updated
Updated · CNBC · Jun 11
Bank of America Double Upgrades Intel to Buy With $135 Target as Agentic AI Lifts CPU Demand
3 articles · Updated · CNBC · Jun 11
Summary
$135 is Bank of America’s new price target for Intel after a double upgrade to buy from underperform, helping lift the shares 4.5% in premarket trading.
Agentic AI drove the call: the bank said multi-step, latency-sensitive orchestration workloads are shifting AI spending toward CPUs from XPUs, making Intel a key beneficiary.
Bank of America now sees the CPU market reaching $40 billion by 2030; Intel’s CPU business generated $5.1 billion in first-quarter 2026 revenue.
Intel shares have already climbed 60% since its April 23 earnings report showed signs of revenue growth, yet the bank said the stock remains lightly owned at 16% of relevant SPX semiconductor and AI-infrastructure portfolios.