Intel (INTC) stock has gained about 25% year to date as of Monday morning, Feb. 1, according to Yahoo Finance. Meanwhile, the S&P 500 ETF (SPY) is up 1.47% in the same period, so Intel’s shares are outpacing the S&P 500 by over 23.5%.

The outperformance is impressive given shares fell 17% after Intel reported its Q4 earnings on January 22. That drop left many investors wringing their hands, but Intel’s CFO David Zinsner decided it was a good opportunity to buy the dip.

In a strong show of support, Zinsner acquired nearly $250,000 worth of Intel stock after its tumble.

His buy came after two Wall Street analysts boosted their outlooks ahead of earnings, first on January 5, when Melius Research upgraded Intel to buy from hold with a $50 price target, and again on January 13, when KeyBanc upgraded Intel to overweight (buy) from sector weight with a $60 price target.

Intel CFO buys 5,882 shares of Intel

Based on the SEC Form 4 filing, Intel’s executive vice president and CFO, David Zinsner, purchased 5,882 INTC shares on January 26, 2026, for the average price of $42.50 per share. The total amount Zinsner spent on INTC shares is $249,985.

Intel CFO spent $249,985 on INTC stock in January 2026.

Photo by picture alliance on Getty Images

It is important to note that this was an open-market purchase, not a stock award or part of his regular compensation. The SEC Form 4 has Transaction Code P, which means an “Open-market or private purchase of non-derivative or derivative security”, and compensation-related awards typically have Code A or Code M.

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This transaction signaled Zinsner’s confidence that the company is on the right track. The buy brought his post-transaction holdings to 247,392 Intel shares.

Insider buying like this is closely watched by investors, as insiders have a deeper understanding of the company’s fundamentals. The stock has traded higher following Zinsner’s transaction, closing at $48.78 on January 28.

While it is good that Intel’s CFO is confident in the stock, we should also consider what analysts expect for Intel’s stock now.

Analyst’s weigh in on Intel stock

Following the earnings release, Bank of America analyst Vivek Arya and his team updated their views on Intel’s (INTC) shares.

The team noted that Intel cannot deliver the right manufacturing yield for its own products at the current-generation 18A node and may not be able to guarantee perfect operation for external customers with the next-generation 14A node in a foundry market where Intel has no scale or execution history.

In a research note shared with me, Arya reiterated an underperform rating for INTC stock and the target price of $40, based on a 3.5 multiple of his enterprise value-to-sales ratio estimate for 2027, in line with the historical range of 1.7 to 4.

Analysts noted downside risks for INTC:

  • Lower yield/ramp at Intel Foundry, particularly for its new 18A and upcoming 14A nodes
  • Lack of material external foundry customer in wafer processing
  • Weaker-than-expected trends in a mature PC market
  • Accelerated share losses to major CPU competitors

Upside risks for INTC:

  • Key external foundry packaging/wafer deals that could significantly boost sales/utilization
  • Greater-than-expected yields/ramps at 18A and upcoming 14A nodes, resulting in a greater GM/utilization profile
  • Stronger-than-expected PC market from Windows 10 refresh or AI uplift
  • Geopolitical tensions boosting sentiment for domestic manufacturing

On January 28, Tigress Financial reiterated a buy rating for Intel stock and raised the price target to $66 from $52, based on Intel’s AI data center tailwinds.

The firm’s analyst believes that the AI PC refresh further advances Intel’s turnaround “into an increasingly compelling multi-year upside story,” according to TheFly. Tigress also said that pullback in the shares is a “significant buying opportunity.”

Intel’s fabs still a big problem

Recent reports have indicated that Apple and Nvidiaare considering Intel for 2028 chip production. The companies are reportedly considering using Intel’s 18A or 14A process technology; however, it remains to be seen whether Intel has sufficient advanced capacity for third-party customers in 2028, according to Tom’s Hardware.

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​The uncertainty over whether Intel will have capacity for third-party customers in 2028 is very troubling for the company, as its fabs without third-party customers are its biggest problem. ​

The company’s 10-K filing reveals that the operating loss for the foundries in fiscal year 2025 reached $10.3 billion. That is lower than the $13.3 billion in operating losses foundries reported in 2024, but it is still a huge problem.

​If the company doesn’t turn this around, it will need more cash infusions like the ones it received from SoftBank, Nvidia, and the US government last year. For an in-depth analysis of the Nvidia investment into Intel, you can read my article “Nvidia makes good on a key 2025 promise.”

Overall, while Zinsner seems confident, Wall Street’s mixed reaction suggests analysts want to see more progress.

Related: Bank of America resets IBM price target after earnings