Intel shares could hit $200 in two years, says Melius Research analyst

Intel’s comeback story has been one of the most dramatic narratives in tech this year. Now, Melius Research analyst Ben Reitzes is arguing the best part hasn’t even happened yet, pegging a potential $200 valuation within two years based on a breakdown of the chipmaker’s individual business lines. Reitzes reiterated his Buy rating and $165 price target for Intel on September 16, noting that his sum-of-the-parts analysis shows meaningful upside beyond even that level. The $165 target itself represents a 15-20% discount to the $200 figure he considers feasible. The math behind the bullishness The core of Reitzes’ thesis rests on two pillars: Intel’s product operations and its foundry business. Each segment, he estimates, could be worth more than $80 per share on its own. Intel shares have already surged roughly 160-163% year-to-date through mid-September 2026. But Reitzes is arguing the market still hasn’t fully priced in the foundry unit’s potential, particularly as AI demand continues to pressure global semiconductor supply chains and governments scramble for manufacturing sovereignty. Intel recently announced a $20 billion equity raise priced at $95 per share to fund its long-term ...