Intel (NASDAQ: INTC) Stock Surges on High-NA EUV Progress and Analyst Upgrade
- Intel shares rose sharply after the company announced further progress in using High-NA EUV technology in high-volume manufacturing.
- Northland Securities upgraded Intel from “Market Perform” to “Outperform” and established a $120 price target.
- Although Intel has established an early lead in High-NA EUV adoption, its strong year-to-date rally has raised questions about valuation and the sustainability of further gains.
Intel Corporation (NASDAQ: INTC) is a major participant in the global semiconductor industry. It designs and manufactures processors and other semiconductor products for personal computers, data centers, artificial intelligence systems, and additional computing markets.
On September 8, 2026, Northland Securities upgraded Intel from “Market Perform” to “Outperform” and assigned the stock a price target of $120.00. The advance followed Intel Foundry’s announcement of additional progress with High Numerical Aperture Extreme Ultraviolet, or High-NA EUV, lithography.
Intel Foundry and ASML Holding (NASDAQ: ASML) reported that more than one million wafers had been processed using High-NA EUV equipment. However, this total includes wafers used for early equipment certification, testing, research and development, and volume production.
Intel is using High-NA EUV in high-volume manufacturing for selected layers of a subset of its Intel Core Ultra Series 3 processors, code-named Panther Lake. These processors are manufactured using the Intel 18A process. Intel said the technology’s overlay accuracy, throughput, and availability are meeting its expectations.
The collaboration also includes work on reticle stitching and larger photomasks. These developments could eventually allow High-NA EUV equipment to produce larger chips more efficiently. Intel’s early production use places it ahead of other leading manufacturers in adopting the technology, although competitors such as Taiwan Semiconductor Manufacturing Company (NYSE: TSM) and Samsung are also preparing for future adoption.
Despite Intel’s manufacturing progress and strong share-price performance, valuation remains a concern. GuruFocus’s proprietary GF Value model estimated Intel’s value at approximately $31.96 and classified the shares as “Significantly Overvalued.”
Intel shares have risen by roughly 170% since the beginning of 2026. This rally reflects growing optimism about the company’s foundry operations, manufacturing improvements, and exposure to artificial-intelligence demand. However, the size of the advance also means that investors are pricing in substantial future progress, increasing the potential downside if Intel fails to meet those expectations.
