BlockBeats reported on Aug. 14 that Citrini analyst Jukan cited a new overseas electronics report from Guosen Securities saying Intel’s $20 billion stock offering sent a positive signal.
According to the report cited by Jukan, Intel CEO Chen Liwu and his family directly subscribed for about $12 million, which Guosen said reflected management confidence in the company’s outlook. Guosen reiterated its Buy rating on Intel and kept its $136 target price, while raising its 2026 and 2027 EPS forecasts by 3% and 1%, respectively.
Offering expanded from $15 billion to $20 billion
Jukan said the report described Intel’s latest equity sale as having been increased from an initial $15 billion to $20 billion. Reported institutional demand exceeded $100 billion, the offering was priced at $95, and the over-allotment option was fully exercised.
Guosen said management participation could also help support Intel’s 2027 capital expenditure plans.
Foundry and EMIB outlook
The report projected Intel’s foundry business would reach break-even in the fourth quarter of 2027, with profit-margin leverage expected to expand in 2028. It added that 18A yield is currently estimated at about 80%, Clearwater Forest has entered the volume-ramp stage, and progress in Apple 14A high-volume production is also worth watching.
On EMIB, the report said the customer base continues to broaden. AWS Trainium3 is expected to use EMIB-T in 2027. Google’s Humufish and Triggerfish are expected to enter a large-scale expansion phase from the second half of 2027 into 2028. ASIC programs from AWS and Microsoft may also adopt EMIB in 2028.
Based on those assumptions, Guosen raised its forecast for Intel’s backend business revenue to $1.1 billion in 2027 and $7 billion in 2028, while maintaining the $136 target price after factoring in dilution from the stock sale.