BofA Securities downgraded Intel Corporation (NASDAQ: INTC) from Neutral to Underperform, maintaining its $34.00 price target and warning that recent share gains had already priced in most of the company’s balance sheet improvements and foundry ambitions. The firm said Intel’s$80 billion market cap increase overstated its external foundry potential, while the company continued to face structural competitive disadvantages, including a lack of a defined AI strategy and an uncompetitive server CPU portfolio. ...