UBS said in its latest research report that Intel's second-quarter results and third-quarter guidance were better than investors' previous expectations. Increased wafer output and shortened production cycles have eased supply bottlenecks, and manufacturing business prospects continue to improve. However, product competitiveness, capital expenditure financing, and potential shareholder dilution risks have not been eliminated, so the “neutral” rating and target price of $121 are maintained. In terms of foundry business, Intel promised to push the 14A process into large-scale mass production in 2028. UBS believes this may mean that the company has received support from potential customers. The company raised its capital expenditure forecast for 2026 from approximately US$17 billion to US$20 billion, and expects a significant increase in 2027, possibly close to US$30 billion. UBS raised Intel's 2026-2028 earnings per share forecast to $1.56, 2.17, and $2.82, but believes that high investment and free cash flow pressure will limit further upward room.

UBS said in its latest research report that Intel's second-quarter results and third-quarter guidance were better than investors' previous expectations. Increased wafer output and shortened production cycles have eased supply bottlenecks, and manufacturing business prospects continue to improve. However, product competitiveness, capital expenditure financing, and potential shareholder dilution risks have not been eliminated, so the “neutral” rating and target price of $121 are maintained. In terms of foundry business, Intel promised to push the 14A process into large-scale mass production in 2028. UBS believes this may mean that the company has received support from potential customers. The company raised its capital expenditure forecast for 2026 from approximately US$17 billion to US$20 billion, and expects a significant increase in 2027, possibly close to US$30 billion. UBS raised Intel's 2026-2028 earnings per share forecast to $1.56, 2.17, and $2.82, but believes that high investment and free cash flow pressure will limit further upward room.