Intel: The Pullback Creates A Stronger Entry Point After Q2 Earnings

I am reiterating my Buy rating on Intel Corporation and revising my price target from $176 to $151. The lower target still represents about 64% upside from the current share price of $92. INTC's Q2 2026 strengthened my thesis, with DCAI revenue reaching $6.3 billion, segment margin expanding to 39.5%, and purpose-built silicon revenue nearly tripling year-over-year. My updated 2028 non-GAAP EPS estimate is now $2.56, while previously it was $2.07. I arrive at my price target by applying a 59x FWD non-GAAP P/E multiple to my estimated 2028 EPS of $2.56.

I am reiterating my Buy rating on Intel Corporation ( INTC ). Even though I am reducing my price target from $176 to $151, the upside is now larger because the share price has fallen to $92.