<p><strong>英特尔（</strong> <strong>NASDAQ:INTC</strong> <strong>)</strong> 的股票在过去一年中表现强劲，飙升了 235%，这得益于芯片巨头不断涌现的发展和公告。然而，随着股价目前处于高位，估值问题开始引起关注。</p>
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<p>在英特尔周四发布第一季度财报之前，Wedbush 的分析师 Matt Bryson（华尔街前 1% 的分析师）呼吁保持谨慎。尽管他承认背景有所改善，但 Bryson 认为当前股票的估值难以令人信服。</p>
<p>&#34;INTC 的交易价格是我们未来年度估计的 60 倍，&#34;这位五星级分析师表示。&#34;我们没有看到行业趋势支持如此激进的估值，服务器计算单元似乎将增长约 20%（或许略好于这个数字），而 PC 计算可能会下降相似的幅度。&#34;</p>
<p>但不要误解，尽管对该股票持谨慎态度，Bryson 对英特尔近期表现仍持积极看法。这位分析师认为公司在超出预期方面处于良好位置，并指出第一季度的指导&#34;出乎意料地低，&#34;尤其是在利润率方面。随着服务器需求改善和一些定价顺风，Bryson 认为英特尔可能会超出他的预期以及更广泛市场的预期。</p>
<p>展望未来，这种势头可能会延续到当前季度。随着计算需求保持稳定，Bryson 认为英特尔至少能够达到，甚至可能超出第二季度的预期，这取决于管理层选择的保守程度。</p>
<p>与此同时，投资者一直关注几个支持性主题，包括可能达到数十亿美元的 EMIB-T 订单等封装机会，围绕代工业务的重新乐观情绪以及与推理驱动工作负载相关的 CPU 需求改善迹象。尽管如此，在 Bryson 看来，这种乐观情绪似乎已经在股票中有所反映。</p>
<p>为了让 Bryson 更加乐观，这位分析师认为需要&#34;更多证据来恢复对新机会的评估。&#34;正如他所反复强调的，&#34;决定英特尔未来的最大因素&#34;仍然是其在制造方面恢复竞争力的能力，而芯片设计的平价现在可以说是&#34;紧随其后&#34;。</p>
<p>过去三个月情绪的变化似乎并不是由于英特尔执行方面的具体改善，而更多是由于领先制造能力的紧缩可用性，这主要是由于 AI 数据中心的持续快速扩张。</p>
<p>即使某些举措证明成功，例如 EMIB 封装作为对 TSMC 产品的可信替代方案出现，分析师预计增量价值的贡献&#34;远比股票的升值所暗示的要温和得多。&#34;</p>
<p>为此，Bryson 对英特尔股票给予中性评级，尽管这也可以视为卖出，因为他的目标价 30 美元暗示股票被高估了 54%。（要查看 Bryson 的业绩记录，请点击这里）</p>
<p>在华尔街的其他地方，该股票还有 22 个持有评级，7 个买入评级和 4 个卖出评级，形成持有（即中性）共识评级。大多数其他分析师也认为该股票现在被高估；在 56.41 美元时，平均目标价暗示该股票将在 12 个月内下跌 13.5%。（见 <strong>INTC 股票预测</strong>）</p>

英特尔

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<p>Wedbush 的顶级分析师 Matt Bryson 对英特尔（INTC）的股票在其第一季度财报发布前表示谨慎。尽管过去一年股价上涨了 235%，但 Bryson 认为，考虑到行业趋势，目前 60 倍未来估值是难以证明合理的。他维持中性评级，认为该股票被高估了 54%，目标价为 30 美元。分析师们普遍持有相同观点，整体评级为持有，平均目标价显示出未来 12 个月可能下降 13.5%</p>

<p><strong>Intel (</strong> <strong>NASDAQ:INTC</strong> <strong>)</strong> stock has been on a tear over the past year, surging 235% as a steady flow of developments and announcements at the chip giant fuels the rally. Yet, with shares now trading at elevated levels, valuation concerns are starting to come into focus.</p>
<div class="lb-trans"><p><strong>英特尔（</strong> <strong>NASDAQ:INTC</strong> <strong>)</strong> 的股票在过去一年中表现强劲，飙升了 235%，这得益于芯片巨头不断涌现的发展和公告。然而，随着股价目前处于高位，估值问题开始引起关注。</p>
</div><h3>Claim 30% Off TipRanks</h3>
<div class="lb-trans"><h3>享受 30% 的折扣 TipRanks</h3>
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<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以便做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Ahead of Intel's Q1 earnings report on Thursday, Wedbush's Matt Bryson, an analyst ranked among the top 1% on Wall Street, is urging caution. While he acknowledges the improving backdrop, Bryson believes the stock's current valuation looks difficult to justify.</p>
<div class="lb-trans"><p>在英特尔周四发布第一季度财报之前，Wedbush 的分析师 Matt Bryson（华尔街前 1% 的分析师）呼吁保持谨慎。尽管他承认背景有所改善，但 Bryson 认为当前股票的估值难以令人信服。</p>
</div><p>&#34;INTC is trading at 60x our out year estimates,&#34; the 5-star analyst said. &#34;We don't see industry trends supporting such an aggressive valuation with server compute units seemingly set to grow around 20% (or perhaps slightly better than that number), while PC compute likely falls off by a similar amount.&#34;</p>
<div class="lb-trans"><p>&#34;INTC 的交易价格是我们未来年度估计的 60 倍，&#34;这位五星级分析师表示。&#34;我们没有看到行业趋势支持如此激进的估值，服务器计算单元似乎将增长约 20%（或许略好于这个数字），而 PC 计算可能会下降相似的幅度。&#34;</p>
</div><p>But don't get it wrong, despite that cautious stance on the stock, Bryson remains constructive on Intel's near-term performance. The analyst sees the company as well positioned to outperform expectations, pointing out that the Q1 guide was &#34;surprisingly light,&#34; particularly on margins. With server demand improving and some pricing tailwinds in place, he believes Intel could come in ahead of both his estimates and those of the broader Street.</p>
<div class="lb-trans"><p>但不要误解，尽管对该股票持谨慎态度，Bryson 对英特尔近期表现仍持积极看法。这位分析师认为公司在超出预期方面处于良好位置，并指出第一季度的指导&#34;出乎意料地低，&#34;尤其是在利润率方面。随着服务器需求改善和一些定价顺风，Bryson 认为英特尔可能会超出他的预期以及更广泛市场的预期。</p>
</div><p>Looking ahead, that momentum could extend into the current quarter. With compute demand holding firm, Bryson thinks Intel is capable of at least meeting, and potentially guiding above, Q2 expectations, depending on how conservative management chooses to be.</p>
<div class="lb-trans"><p>展望未来，这种势头可能会延续到当前季度。随着计算需求保持稳定，Bryson 认为英特尔至少能够达到，甚至可能超出第二季度的预期，这取决于管理层选择的保守程度。</p>
</div><p>Investors, meanwhile, have been focusing on several supportive themes, including packaging opportunities such as EMIB-T orders that could reach into the billions, renewed optimism around the foundry business with 18A builds back in focus, and signs of improving CPU demand tied to inference-driven workloads. Even so, in Bryson's view, much of that optimism already appears reflected in the stock.</p>
<div class="lb-trans"><p>与此同时，投资者一直关注几个支持性主题，包括可能达到数十亿美元的 EMIB-T 订单等封装机会，围绕代工业务的重新乐观情绪以及与推理驱动工作负载相关的 CPU 需求改善迹象。尽管如此，在 Bryson 看来，这种乐观情绪似乎已经在股票中有所反映。</p>
</div><p>For Bryson to get more constructive, the analyst thinks there needs to be &#34;more evidence of a recovery to value new opportunities.&#34; As he claims to have repeatedly stated, the &#34;single largest factor dictating Intel's future&#34; remains its ability to regain competitiveness in fabrication, with chip design parity now arguably a &#34;close second.&#34;</p>
<div class="lb-trans"><p>为了让 Bryson 更加乐观，这位分析师认为需要&#34;更多证据来恢复对新机会的评估。&#34;正如他所反复强调的，&#34;决定英特尔未来的最大因素&#34;仍然是其在制造方面恢复竞争力的能力，而芯片设计的平价现在可以说是&#34;紧随其后&#34;。</p>
</div><p>The shift in sentiment over the past three months appears less driven by concrete improvements in Intel's execution and more by tightening availability of leading-edge manufacturing capacity, largely due to the continued rapid expansion of AI data centers.</p>
<div class="lb-trans"><p>过去三个月情绪的变化似乎并不是由于英特尔执行方面的具体改善，而更多是由于领先制造能力的紧缩可用性，这主要是由于 AI 数据中心的持续快速扩张。</p>
</div><p>Even if certain initiatives prove successful, such as EMIB packaging emerging as a credible alternative to offerings from TSMC, the analyst expects the incremental value contribution to be &#34;far more modest than the stock's appreciation would suggest.&#34;</p>
<div class="lb-trans"><p>即使某些举措证明成功，例如 EMIB 封装作为对 TSMC 产品的可信替代方案出现，分析师预计增量价值的贡献&#34;远比股票的升值所暗示的要温和得多。&#34;</p>
</div><p>To this end, Bryson assigns a Neutral rating on Intel shares, although that might as well be a Sell, given his $30 price target suggests the shares are overvalued by 54%. (To watch Bryson's track record, click here)</p>
<div class="lb-trans"><p>为此，Bryson 对英特尔股票给予中性评级，尽管这也可以视为卖出，因为他的目标价 30 美元暗示股票被高估了 54%。（要查看 Bryson 的业绩记录，请点击这里）</p>
</div><p>Elsewhere on the Street, the stock claims an additional 22 Holds, 7 Buys and 4 Sells, for a Hold (i.e., Neutral) consensus rating. Most other analysts also think the shares are now overvalued; at $56.41, the average price target implies the stock will post a 12-month decline of 13.5%. (See <strong>INTC stock forecast</strong>)</p>
<div class="lb-trans"><p>在华尔街的其他地方，该股票还有 22 个持有评级，7 个买入评级和 4 个卖出评级，形成持有（即中性）共识评级。大多数其他分析师也认为该股票现在被高估；在 56.41 美元时，平均目标价暗示该股票将在 12 个月内下跌 13.5%。（见 <strong>INTC 股票预测</strong>）</p>
</div>

'Unrealistic': Top Analyst Matt Bryson Weighs In on Intel Stock (INTC) Ahead of Earnings

- Intel 股价过去一年上涨 235%，但估值问题开始显现。  
- 分析师认为当前估值难以支持，Q1 业绩预测保守但表现可能超预期。  
- 整体市场对 Intel 的评价倾向于中立，预计未来一年可能下降 13.5%。

‘不切实际’: 顶级分析师 Matt Bryson 在英特尔股票（INTC）发布财报前发表看法