美国银行：英特尔估值过高

Bank of America downgraded Intel's rating to "underperform" and stated that the rise in its stock price reflects market expectations rather than fundamental factors. The company's market value increased by $80 billion, thanks to the robustness of its balance sheet and the potential of its foundry business, rather than improvements in operational efficiency. The bank believes that Intel faces challenges in server processors, has not developed a clear strategy for AI accelerators, and has limited options to divest underperforming business units. The current valuation assumes that its earnings per share in 2027 will be 42% higher than market expectations—this forecast is considered unrealistic. The valuation based on the value of various segments is also questioned, as it relies on TSMC and faces policy restrictions on spin-offs. Collaboration and support from the U.S. have played a role, but the benefits from the wafer business will take years to materialize. So far this year, the company's stock price has risen by about 20%, but the upside is limited