Intel (NASDAQ:INTC) Foundry held its “IFS Direct Connect” on Wednesday, introducing Microsoft as a foundry customer and providing details on its manufacturing roadmap beyond 2025.
Reacting to the event, Citi analysts said Intel reiterated that its internal manufacturing roadmap is on track.
However, the bank said it continues to doubt the company’s foundry business will make money "given the foundry roadmap is at least a year behind Intel’s internal roadmap and it is yet unproven." The firm remained Neutral-rated on Intel and kept its price target of $47.50 on the stock.
Meanwhile, BofA analysts said the event provided an impressive start. The firm maintained its Neutral rating and $50 per share price target on the stock.
"We believe INTC has tremendous capability, opportunity and financial support (CHIPS Act) in establishing a leading-edge US-based foundry, yet faces a tough competitive environment (TSMC, Samsung) and inevitable conflicts of interest in its current company (IDM) structure that maintains competition against potential foundry customers," they wrote.