BofA Keeps Intel Buy as $20B Offering Fuels Foundry Push

Bank of America maintains a Buy rating on Intel after a $20 billion stock offering (210.5 million shares at $95) would dilute existing holders by about 4–5%, but the bank says the funds could accelerate Intel’s foundry expansion and advanced packaging, potentially boosting wafer fabrication share by 2030. BofA lowers its price target to $145 from $160 due to dilution and weaker AI‑focused semiconductor multiples, while noting execution risks around yields, process ramps, and rival packaging competition.