Intel Corporation (INTC) is poised to report its first-quarter 2026 earnings after the market close on Thursday, April 23, with the stock riding a wave of analyst optimism and a significant year-to-date rally. The chipmaker's stock has surged over 78% since January, reaching a 25-year high of $70.32, driven by strong demand for server CPUs from hyperscalers investing in AI infrastructure.
Analysts expect Intel to report earnings per share (EPS) of $0.02 for Q1 2026, representing a roughly 90% year-over-year increase. Revenue is forecast at $12.42 billion, a slight 2.2% dip compared to the same period last year. This follows a strong previous quarter where Intel beat estimates with an EPS of $0.15 against an expected $0.08 and revenue of $13.67 billion.
The bullish sentiment was amplified on Tuesday as three major financial institutions upgraded their ratings on Intel stock in a single day. HSBC delivered the most aggressive call, upgrading Intel from Hold to Buy and setting a street-high price target of $95, up from $50. Analyst Frank Lee cited underappreciated server CPU momentum as a key driver, stating the potential is "game-changing" and could begin boosting earnings as early as Q2 2026.
BNP Paribas upgraded Intel from Underperform to Neutral, raising its price target from $34 to $60. Analyst David O'Connor highlighted that "Agentic AI is driving very strong demand for server CPUs, with hyperscalers scrambling to secure supply." KeyBanc Capital Markets maintained its Overweight rating with a $70 target, with analyst John Vinh arguing that "the real cyclical recovery has yet to begin" and that AI-driven demand could extend through 2027.
Other firms have also adjusted targets. Stifel Nicolaus raised its price target from $42 to $65 while maintaining a Hold rating, and Susquehanna lifted its target from $45 to $65. The consensus rating across Wall Street remains Hold, with an average price target of $52.51, still below the current trading price.
Investors will be closely monitoring the earnings call for updates on Intel's 18A and 14A manufacturing processes, its involvement in Elon Musk's Terafab AI chip project, progress on cost-cutting initiatives, and new AI chip roadmaps. Options markets are pricing in a potential ~10% move in either direction following the earnings announcement.
