BofA Upgrades Intel (INTC) to Buy, Citing CPU and Foundry Growth Prospects

Bank of America upgraded Intel Corporation (NASDAQ: INTC) to Buy on Thursday, June 11, citing growth prospects in both its CPU business and foundry operations. The call was accompanied by separate commentary from a research firm arguing Intel should raise capital, adding a second layer of analyst attention to the stock in a single session. Intel shares closed at $116.96, up 9.27%, on Thursday, June 11.

What Changed

• Bank of America lifted its rating on INTC to Buy, with the upgrade thesis centered on CPU and foundry growth prospects, according to Yahoo Finance reporting.
• A separate research firm stated Intel should raise capital, per Seeking Alpha coverage, signaling additional institutional focus on the company's balance sheet strategy.
• Intel also appeared among the biggest premarket movers tracked by CNBC on Thursday, June 11, ahead of the session's close.
• Analyst consensus as of June 1, 2026 stands at 13 Buy ratings and 32 Hold ratings, with 4 Strong Buy and 4 Sell recommendations, reflecting a market still divided on the turnaround thesis.

Why It Matters

Bank of America's upgrade to Buy specifically names Intel's CPU franchise and its foundry ambitions as the two pillars of the bull case, according to the Yahoo Finance report. The foundry angle is notable because Intel has been investing in its Intel Foundry Services division as a contract manufacturing business, positioning itself against established players in that market. A Buy rating from a major Wall Street firm provides a credibility signal that can shift institutional positioning, though the majority of analysts covering the stock remain at Hold.

The concurrent call for Intel to raise capital adds a contrasting note to the upgrade narrative. If Intel pursues external financing, it could accelerate foundry buildout but would also introduce dilution risk for existing shareholders. No specific capital raise structure, amount, or timeline was disclosed in the available reporting.

Wall Street View

As of the June 1, 2026 consensus, Intel carries 4 Strong Buy, 13 Buy, 32 Hold, 4 Sell, and 0 Strong Sell ratings. The BofA upgrade shifts the tone at the margin, but the heavy concentration of Hold ratings indicates a broad analyst community that has not yet fully committed to the recovery thesis. Revenue growth of 7.2% and a gross margin of 37.2% (TTM, may not reflect the latest quarter) provide the fundamental backdrop against which the upgrade was issued, though specific price target figures were not available in the source data.

Investor Takeaway

Bank of America's Buy upgrade on Intel, grounded in CPU and foundry growth, is the most concrete catalyst behind Thursday's session move and represents a meaningful shift in tone from one of the Street's larger research franchises. The simultaneous argument from a separate firm that Intel should raise capital introduces a financing question that investors will want answered before treating the upgrade thesis as fully de-risked. With 32 of 53 covering analysts still at Hold, the upgrade represents a minority view, though one now gaining visible institutional traction.