TD Cowen analyst Joshua Buchalter maintained a Hold rating on Intel yesterday and set a price target of $115.00.

Joshua Buchalter has given his Hold rating due to a combination of factors tied to both Intel’s core Products business and its Foundry ambitions. He acknowledges that the company is executing better and that sentiment around AI and potential foundry partnerships has improved, but he argues that the recent share-price appreciation already discounts much of this progress. In his view, the stock now requires clearer evidence that Intel can ultimately deliver more than $100 billion in Products revenue and/or exceed $20 billion in Foundry revenue to justify a more bullish stance.

He emphasizes that, barring a scenario where Intel captures well above a 10% share in leading-edge foundry, the Products segment will remain the primary engine of value through 2030. While he sees advanced packaging as Intel’s most credible near-term foundry opportunity, he notes that packaging alone is unlikely to move the needle without meaningful front-end wins. Combined with ongoing competitive pressure in datacenter CPUs and the need to demonstrate sustainable market-share stabilization, these uncertainties lead him to view the shares as fairly valued around his $115 price target, supporting a Hold rather than a Buy rating.

According to TipRanks, Buchalter is a 5-star analyst with an average return of 36.6% and a 67.88% success rate. Buchalter covers the Technology sector, focusing on stocks such as ON Semiconductor, Texas Instruments, and Advanced Micro Devices.

In another report released on September 22, Bernstein also assigned a Hold rating to the stock with a $110.00 price target.