Mizuho下调英特尔目标价但维持中性评级，AI与CPU供需利好不足以形成短线交易催化

Intel ( INTC ) was in focus on Friday as Mizuho Securities cut its price target to $92 from $109, citing near-term multiple compression on agentic artificial intelligence companies. “We see tailwinds from: 1) Key server OEMs noting strong growth from the accelerating Agentic-AI demand into 2027E, driving higher token usage and improving CPU:GPU ratio, while enterprise traditional server refreshes also drives some upside, 2) CPU supply constrained, potentially undershipping demand through 2027E, with key CPU customers potentially seeing shortages into next year; 3) we estimate Adv Pkg revenue growing to $3.5B by 2029E with EMIB-T for TPU, while external foundry could also ramp to $3.5B with 14A; and 4) PC better than expected with corporate refreshes starting to materialize, with memory tightness potentially elongating the cycle,” Mizuho analyst Vijay Rakesh wrote in a note to clients. Rakesh has a Neutral rating on Intel.