10:34 AM EDT, 10/24/2025 (MT Newswires) -- Intel ( INTC ) has shown fundamental improvements and displayed improved confidence, but meaningful financial returns will take years to materialize, Deutsche Bank said in a Friday note.

The company posted solid Q3 results, with revenue, gross margin, and earnings topping expectations, while its Q4 guidance was roughly in line with forecasts, the brokerage said.

Deutsche Bank said Intel ( INTC ) struck a more confident tone on demand trends, expecting demand to exceed supply into 2026. The company's management also highlighted progress on its Panther Lake product launch, stronger liquidity following recent financing moves, and better manufacturing and foundry yields with growing engagement from potential customers.

While the firm applauded the progress, it said much of the improvement is already reflected in estimates and the share price. The analysts expect Intel ( INTC ) to remain driven by event-related optimism in the near term, but warned that a renewed focus on fundamentals could create headwinds for the stock.

Deutsche Bank raised its price target on Intel ( INTC ) to $35 and maintained a hold rating.

Shares of Intel ( INTC ) were up 1% in recent trading.

Price: 38.53, Change: +0.37, Percent Change: +0.98