Analysts upgraded Intel, citing a PC recovery and rising server CPU demand. Seaport moved the stock to Buy with a $65 target, while HSBC lifted its rating to Hold, raising its price goal to $50. Both firms point to improving product momentum and a better outlook for Intel's manufacturing.

Seaport's upgrade hinges on Intel's upcoming Panther Lake PC processors, which mark the first commercial launch of its 18A manufacturing process. Early feedback from PC makers is positive. HSBC expects server CPU shipments to grow 15-20% in 2026, driven by autonomous AI workloads requiring more general-purpose computing.

The upgrades signal a potential turning point for Intel after years of manufacturing lag. While the foundry business remains uncertain, improving core demand in PCs and servers justifies a less bearish stance. Investors will watch for execution on Panther Lake and any signs of major external foundry customer wins.