英特尔（INTC.US）：PC端修正超预期转弱，服务器端现供应扰动

Weaker PC outlook for 4q; our hopes that strong pricing (up 27% y/y in the last reported quarter, 2q26) would offset weakness did not play out. Server CPU also slightly lower amid supply issues around the Israel fab accident and the ongoing substrate shortage. Despite the shortfall, we are raising estimates to reflect a stronger server environment, as highlighted in our preview. For us to be positive, we need to see a leadership roadmap in server CPU, not currently in evidence; stay a cautious EW despite near-term strong conditions. The quarter was a setback, due to a surprisingly severe PC correction and mild idiosyncratic issues in server, which highlights how expensive the stock is on next-year numbers. We lower our price target to $75 from $84, shifting from 42x to 38x MW CY27 EPS of $1.98, reflecting a higher operating margin assumption and less leverage potential beyond CY27.