A Wall Street strategist believes that Intel (INTC) should be valued much lower based on the tech firm’s fundamentals and outlook.
In a new CNBC interview, Deepwater’s Gene Munster calls INTC a meme stock following its staggering 44% rally this month alone.
According to Munster, Intel is rallying largely because of retail and social media hype and not based on fundamentals.
“So at the most basic level, Intel is a meme stock. They’re going to grow 3% next year.”
Munster highlights that billions of dollars in investment from the US government and Nvidia (NVDA) have breathed new life into INTC, but warns that the moves are largely speculative and that the stock should be valued at around $46.
“And so this is a stock that has gotten life because it’s had some big endorsements and also has this hope that they’re going to catch lightning in a bottle. And the reason why I wanted to start here with the meme side of this is, I don’t know what the stock is going to do. My sense is it goes lower. If you’re going to just look at the fundamentals here, it should be down like 15% right now, but that’s not the case. And I think it’s part because of this meme stock side.
So how do I think about the quarter? The very basic is that they needed to show that, especially on the guide, that they’re going to guide higher, that we’re starting to see an improvement…We didn’t see any of that.”
Munster’s call comes as Intel gave lower Q1 2026 guidelines than consensus estimates in its latest earnings report. The firm expects as much as $12.4 billion in Q1 revenue versus estimates of $12.5 billion, EPS of $0.00 versus estimates of $0.05 and gross margin of 34.5% versus estimates of 36%.
As of Thursday’s close, INTC is valued at $54.53.
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