This article first appeared on GuruFocus.

Intel (INTC) faces a lower valuation from Bank of America as analyst Vivek Arya reassesses the chipmaker’s growth prospects and the visibility of its future business performance.

Arya reduced his price target to $80 from $100 while maintaining a Hold rating, according to a Thursday analyst research update.

The revised outlook reflects uncertainty surrounding Intel’s fiscal 2027 central processing unit (CPU) business. Arya pointed to limited insight into the company’s longer-term CPU prospects, making it difficult to assess its potential growth trajectory.

Another concern involves Intel’s manufacturing ambitions. The analyst noted that the…