Shares of Intel Corporation (NASDAQ:INTC) rallied on Wednesday, after the company said at the DCAI (data center and AI) investor event that its new server chips will hit the market sooner than expected.

• KeyBanc Capital Markets analyst John Vinh reiterated a Sector Weight rating on the stock.
• Raymond James analyst Srini Pajjuri maintained an Outperform rating, while raising the price target from $33 to $35.
• Oppenheimer analyst Rick Schafer reaffirmed a Perform rating on the stock.
• Bernstein analyst Stacy Rasgon maintained an Underperform rating and price target of $20.

Check out other analyst stock ratings.

KeyBanc

Raymond James

Oppenheimer

• “Sapphire/Emerald Rapids built on P-Core architecture. 144 core Sierra Forest is the first E-Core Xeon CPU,” Schafer wrote in a note. “Granite Rapids launches next year, shortly after Sierra Forest,” he added.
• “We recognize Intel’s efforts to recover process leadership and build out its own software ecosystem but see management in prove-it mode as multi-year turnaround efforts play out,” the analyst further stated.

Bernstein

• “The tone in general was skewed constructively, with good things to say around Sapphire Rapids uptake, and with new products (Sierra Forest and Granite Rapids) now powered-on and sampling,” Rasgon said.
• “Upticking on long term Datacenter TAM growth, though forecasts appear optimistic, and dominated by accelerators (where the company's position remains weak),” he added.

INTC Price Action: Shares of Intel rose by 1.17% to $31.89 in premarket trading on Thursday.