Intel Corp (NASDAQ:INTC) is up 4.6% at $111.99 in premarket trading, after Bank of America handed out a double upgrade to the semiconductor giant to "buy" from "underperform" and lifted its price target to $135 from $96. The brokerage cited improving fundamentals and a more favorable outlook for the chipmaker's turnaround efforts.
The upgrade adds fuel to what has already been a massive run higher for Intel stock. Shares are up 190% in 2026 and 384.8% over the last 12 months. Though the equity had recently cooled off after touching a May 11 record high of $132.75, support from the $100 region and ascending 40-day moving average kept the pullback in check.
Analyst sentiment remains surprisingly cautious despite the stock's outperformance. Of the 44 brokerages in coverage, 31 still carry a "hold" rating, while three say "sell" or worse and just 10 rate the stock a "buy" or better. This leaves ample room for additional upgrades should Intel's momentum continue.
Options traders have been leaning bullish of late. Specifically, Intel's 10-day call/put volume ratio of 3.01 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and Nasdaq OMX PHLX (PHLX) ranks higher than 85% of readings from the past year.
