<p>大多数覆盖 <strong>英特尔</strong>（INTC 2.34%）的华尔街分析师对该股票并不太乐观，原因也不难理解。英特尔多年来一直面临多重挑战。在制造方面，延误和失误导致 <strong>台积电</strong> 领先，并给予了英特尔的竞争对手制造优势。在个人电脑和服务器 CPU 业务中，<strong>AMD</strong> 一直在持续获得市场份额。</p>
<p>过去一年，投资者对英特尔变得 更加乐观。与美国政府和 <strong>英伟达</strong> 的高调交易为英特尔注入了资金，传闻称 <strong>苹果</strong> 可能会使用英特尔的代工服务来生产其部分芯片。华尔街终于开始追赶。就在本周早些时候，KeyBanc 的一位分析师将该股票评级上调至 “买入”，并 将目标价格提高至 60 美元。周四，另一位分析师也加入了这一行列。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NTE3NjMvaW50ZWwtY3ViZS1zdGF0dWUtd2l0aC1pbnRlbC1sb2dvX2ludGVsLTEuanBnJnc9Mzg0MA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="2000" height="1200" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NTE3NjMvaW50ZWwtY3ViZS1zdGF0dWUtd2l0aC1pbnRlbC1sb2dvX2ludGVsLTEuanBnJnc9Mzg0MA"/></p>
<p>图片来源：英特尔。</p>
<h2>代工机会</h2>
<p><strong>花旗集团</strong> 分析师 Atif Malik 将对英特尔股票的 “卖出” 评级上调至 “持有”。Malik 还设定了 50 美元的 目标价格，略高于当前股价。</p>
<p>与 KeyBanc 的分析师相比，Malik 对英特尔前景并不那么乐观，但他认为公司在代工业务上有显著机会。Malik 的整体论点有三个组成部分。首先，英特尔应该受益于台积电先进封装能力的短缺。其次，美国政府的投资为公司考虑英特尔制造提供了激励。第三，无法在台积电获得制造能力的定制 AI 芯片设计公司将选择英特尔。</p>
<p>英特尔的 18A 制程已经投入生产，英特尔自己的 Panther Lake 芯片 将在本月晚些时候的笔记本电脑中首次亮相。KeyBanc 的分析师认为，英特尔的 18A 制程的良率已达到约 60%，公司也指出良率现在正在以行业标准的速度改善。这表明该制程节点成功，应该对那些在获得制造能力方面苦苦挣扎的芯片设计师具有吸引力。</p>
<p>广告</p>
<p>具体而言，Malik 预计 AI ASIC（为 AI 工作负载在硬件层面设计的专用芯片）将进入英特尔代工。许多公司，包括 <strong>字母表</strong>、<strong>亚马逊</strong> 和 <strong>微软</strong>，都在设计自己的定制 AI 芯片。随着 AI 找到更多的应用场景，对 AI 推理能力的需求可能会为英特尔代工带来可观的 AI 芯片业务。</p>
<h2>仍然存在风险</h2>
<p>阻止 Malik 将评级上调至 “买入” 的一个原因是对英特尔 CPU 业务的某些悲观情绪。尽管英特尔的 Panther Lake 在 CES 上引起了关注，但这些芯片不会进入台式电脑。英特尔的 Arrow Lake 及其即将推出的 Arrow Lake 刷新将试图在下一代 Nova Lake 发布之前保持台式 CPU 市场，预计将在 2026 年底推出。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0lOVEMucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="英特尔股票报价" width="80" height="80" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0lOVEMucG5nJnc9MTI4"/></p>
<h2>NASDAQ: INTC</h2>
<p>英特尔</p>
<p>今日变动</p>
<p>(-2.34%) $-1.13</p>
<p>当前价格</p>
<p>$47.19</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$2340 亿</p>
<p>日内区间</p>
<p>$46.71 - $50.20</p>
<p>52 周区间</p>
<p>$17.66 - $50.39</p>
<p>成交量</p>
<p>430 万</p>
<p>平均成交量</p>
<p>9300 万</p>
<p>毛利率</p>
<p>35.58%</p>
<p>Arrow Lake 存在一些问题，即 表现平平的游戏性能，而刷新并不会解决这些问题。Malik 担心英特尔将继续失去 CPU 市场份额给 <strong>AMD</strong> 和基于 <strong>Arm</strong> 的设备。<strong>高通</strong> 正在通过基于 Arm 的芯片进军 PC CPU 市场，尽管兼容性问题减缓了采用速度。</p>
<p>除了潜在的市场份额损失，Malik 还指出，内存芯片价格上涨可能会影响整体 PC 需求。AI 数据中心 消耗大量内存芯片，而内存芯片制造商已将产能转向用于 AI 加速器的 HBM。更高的 PC 价格可能会暂时缩小 PC 销售，使得英特尔在 PC 业务中的复苏在今年变得更加困难。</p>
<p>尽管 Malik 的观点相比 KeyBanc 的分析师更加平衡，但英特尔及其复苏故事显然开始赢得华尔街的青睐，经过多年的失望业绩。今年一些积极的代工消息可能会推动英特尔股票远超花旗的 50 美元目标价格，从长远来看，公司有潜力成为代工行业的主要参与者。</p>

英特尔

<p>华尔街分析师开始对英特尔（INTC）股票表现出乐观情绪，KeyBanc 将其评级上调至 “买入”，并设定目标价为 60 美元。花旗集团也将英特尔的评级从 “卖出” 上调至 “持有”，目标价为 50 美元，理由是由于台积电的产能短缺和美国政府的投资，铸造业务存在机会。然而，关于英特尔的 CPU 市场份额以及上涨的内存芯片价格对 PC 需求的影响仍然存在担忧。尽管面临这些挑战，英特尔在铸造行业的潜力正受到关注</p>

<p>Most Wall Street analysts who cover <strong>Intel</strong>( INTC 2.34%) aren't all that optimistic about the stock, and it's not hard to see why. Intel has been struggling against multiple challenges for years. In manufacturing, delays and missteps contributed to <strong>TSMC</strong> pulling ahead and giving Intel's competitors a manufacturing advantage. In the PC and server CPU business, <strong>AMD</strong> has been consistently gaining market share.</p>
<div class="lb-trans"><p>大多数覆盖 <strong>英特尔</strong>（INTC 2.34%）的华尔街分析师对该股票并不太乐观，原因也不难理解。英特尔多年来一直面临多重挑战。在制造方面，延误和失误导致 <strong>台积电</strong> 领先，并给予了英特尔的竞争对手制造优势。在个人电脑和服务器 CPU 业务中，<strong>AMD</strong> 一直在持续获得市场份额。</p>
</div><p>Investors became much more optimistic about Intel over the past year. High-profile deals with the U.S. government and <strong>Nvidia</strong> injected Intel with capital, and rumors point to <strong>Apple</strong> potentially using Intel Foundry for some of its chips. Wall Street is finally starting to catch up. Earlier this week, an analyst at KeyBanc upgraded the stock to &#34;buy&#34; and increased his price target to $60. On Thursday, another analyst jumped on the bandwagon.</p>
<div class="lb-trans"><p>过去一年，投资者对英特尔变得 更加乐观。与美国政府和 <strong>英伟达</strong> 的高调交易为英特尔注入了资金，传闻称 <strong>苹果</strong> 可能会使用英特尔的代工服务来生产其部分芯片。华尔街终于开始追赶。就在本周早些时候，KeyBanc 的一位分析师将该股票评级上调至 “买入”，并 将目标价格提高至 60 美元。周四，另一位分析师也加入了这一行列。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NTE3NjMvaW50ZWwtY3ViZS1zdGF0dWUtd2l0aC1pbnRlbC1sb2dvX2ludGVsLTEuanBnJnc9Mzg0MA" alt="The Intel logo on a cube in front of a building." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F851763%2Fintel-cube-statue-with-intel-logo_intel-1.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Intel.</p>
<div class="lb-trans"><p>图片来源：英特尔。</p>
</div><h2>The foundry opportunity</h2>
<div class="lb-trans"><h2>代工机会</h2>
</div><p><strong>Citigroup</strong> analyst Atif Malik dropped his &#34;sell&#34; rating on Intel stock by upgrading it to &#34;hold.&#34; Malik also set a $50 price target, which is slightly above the current stock price.</p>
<div class="lb-trans"><p><strong>花旗集团</strong> 分析师 Atif Malik 将对英特尔股票的 “卖出” 评级上调至 “持有”。Malik 还设定了 50 美元的 目标价格，略高于当前股价。</p>
</div><p>Malik isn't as optimistic about Intel's prospects compared to the KeyBanc analyst, but he sees a significant opportunity for the company to win business for its foundry segment. There are three components to Malik's overall thesis. First, Intel should benefit from a shortage of advanced packaging capacity at TSMC. Second, the U.S. government's investment creates an incentive for companies to consider Intel for manufacturing. And third, companies designing custom AI chips unable to secure manufacturing capacity at TSMC will opt for Intel instead.</p>
<div class="lb-trans"><p>与 KeyBanc 的分析师相比，Malik 对英特尔前景并不那么乐观，但他认为公司在代工业务上有显著机会。Malik 的整体论点有三个组成部分。首先，英特尔应该受益于台积电先进封装能力的短缺。其次，美国政府的投资为公司考虑英特尔制造提供了激励。第三，无法在台积电获得制造能力的定制 AI 芯片设计公司将选择英特尔。</p>
</div><p>The Intel 18A process is in production, with Intel's own Panther Lake chips set to debut in laptops shipping later this month. The KeyBanc analyst believes that Intel has reached yields of around 60% for Intel 18A, and the company has noted that yields are now improving at industry-standard rates. This points to a successful process node that should be compelling for chip designers struggling to secure manufacturing capacity.</p>
<div class="lb-trans"><p>英特尔的 18A 制程已经投入生产，英特尔自己的 Panther Lake 芯片 将在本月晚些时候的笔记本电脑中首次亮相。KeyBanc 的分析师认为，英特尔的 18A 制程的良率已达到约 60%，公司也指出良率现在正在以行业标准的速度改善。这表明该制程节点成功，应该对那些在获得制造能力方面苦苦挣扎的芯片设计师具有吸引力。</p>
</div><p>Advertisement</p>
<div class="lb-trans"><p>广告</p>
</div><p>Specifically, Malik expects AI ASICs, which are specialized chips designed at the hardware level for AI workloads, to find their way to Intel Foundry. Many companies, including <strong>Alphabet</strong>, <strong>Amazon</strong>, and <strong>Microsoft</strong>, design their own custom AI chips. As AI finds more use cases, demand for AI inference capacity could drive significant AI chip business to Intel Foundry.</p>
<div class="lb-trans"><p>具体而言，Malik 预计 AI ASIC（为 AI 工作负载在硬件层面设计的专用芯片）将进入英特尔代工。许多公司，包括 <strong>字母表</strong>、<strong>亚马逊</strong> 和 <strong>微软</strong>，都在设计自己的定制 AI 芯片。随着 AI 找到更多的应用场景，对 AI 推理能力的需求可能会为英特尔代工带来可观的 AI 芯片业务。</p>
</div><h2>There are still risks</h2>
<div class="lb-trans"><h2>仍然存在风险</h2>
</div><p>One thing preventing Malik from jumping to a &#34;buy&#34; rating is some pessimism around Intel's CPU business. While Intel's Panther Lake turned heads at CES, the chips won't find their way into desktop PCs. Intel's Arrow Lake and its upcoming Arrow Lake refresh will attempt to hold down the desktop CPU market until the next-generation Nova Lake launches, likely in late 2026.</p>
<div class="lb-trans"><p>阻止 Malik 将评级上调至 “买入” 的一个原因是对英特尔 CPU 业务的某些悲观情绪。尽管英特尔的 Panther Lake 在 CES 上引起了关注，但这些芯片不会进入台式电脑。英特尔的 Arrow Lake 及其即将推出的 Arrow Lake 刷新将试图在下一代 Nova Lake 发布之前保持台式 CPU 市场，预计将在 2026 年底推出。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展开</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0lOVEMucG5nJnc9MTI4" alt="Intel Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FINTC.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: INTC</h2>
<div class="lb-trans"><h2>NASDAQ: INTC</h2>
</div><p>Intel</p>
<div class="lb-trans"><p>英特尔</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(-2.34%) $-1.13</p>
<div class="lb-trans"><p>(-2.34%) $-1.13</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$47.19</p>
<div class="lb-trans"><p>$47.19</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>关键数据点</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$234B</p>
<div class="lb-trans"><p>$2340 亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$46.71 - $50.20</p>
<div class="lb-trans"><p>$46.71 - $50.20</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$17.66 - $50.39</p>
<div class="lb-trans"><p>$17.66 - $50.39</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>4.3M</p>
<div class="lb-trans"><p>430 万</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>93M</p>
<div class="lb-trans"><p>9300 万</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>35.58%</p>
<div class="lb-trans"><p>35.58%</p>
</div><p>Arrow Lake has some issues, namely lackluster gaming performance, and the refresh isn't going to solve them. Malik worries that Intel will continue to lose CPU market share to both AMD and <strong>Arm</strong>-based devices. <strong>Qualcomm</strong> has been making a push into the PC CPU market with Arm-based chips, although compatibility issues have slowed adoption.</p>
<div class="lb-trans"><p>Arrow Lake 存在一些问题，即 表现平平的游戏性能，而刷新并不会解决这些问题。Malik 担心英特尔将继续失去 CPU 市场份额给 <strong>AMD</strong> 和基于 <strong>Arm</strong> 的设备。<strong>高通</strong> 正在通过基于 Arm 的芯片进军 PC CPU 市场，尽管兼容性问题减缓了采用速度。</p>
</div><p>On top of potential market-share losses, Malik notes that rising memory chip prices could hurt overall PC demand. AI data centers consume incredible amounts of memory chips, and memory chip manufacturers have been shifting capacity to HBM used in AI accelerators. Higher PC prices could shrink PC sales temporarily, making Intel's comeback in the PC business more difficult this year.</p>
<div class="lb-trans"><p>除了潜在的市场份额损失，Malik 还指出，内存芯片价格上涨可能会影响整体 PC 需求。AI 数据中心 消耗大量内存芯片，而内存芯片制造商已将产能转向用于 AI 加速器的 HBM。更高的 PC 价格可能会暂时缩小 PC 销售，使得英特尔在 PC 业务中的复苏在今年变得更加困难。</p>
</div><p>While Malik is more balanced in his view compared to the KeyBanc analyst, Intel and its comeback story are clearly starting to win over Wall Street after years of disappointing results. Some positive foundry news this year could propel Intel stock well past Citi's $50 price target, and in the long run, the company has the potential to become a major player in the foundry industry.</p>
<div class="lb-trans"><p>尽管 Malik 的观点相比 KeyBanc 的分析师更加平衡，但英特尔及其复苏故事显然开始赢得华尔街的青睐，经过多年的失望业绩。今年一些积极的代工消息可能会推动英特尔股票远超花旗的 50 美元目标价格，从长远来看，公司有潜力成为代工行业的主要参与者。</p>
</div>

Wall Street Is Starting to Like Intel Stock Again

- 大部分华尔街分析师对英特尔的股票持谨慎态度，原因在于公司面临多重挑战。  
- 投资者对英特尔的乐观情绪回升，高盛分析师提升了其股票评级并上调价格目标。  
- 分析师提到，英特尔在代工业务上存在显著机会，尽管 CPU 市场份额可能面临压力。

华尔街对英特尔股票的兴趣再次上升