• Analysts broadly praised Intel’s second quarter results but said Intel still needs additional external foundry customers to strengthen its long-term turnaround story.

• Several firms said Intel’s biggest missing catalyst remains a major external foundry customer.

• Morgan Stanley raised its target but said conviction around Intel’s foundry business remains “low,” adding that the company’s server market share outlook is “mixed at best.”

Intel (INTC) shares rose in early morning trade Friday after a slew of price target hikes from Wall Street following the company’s second-quarter earnings beat, though analysts remained divided on the company’s longer-term outlook.

According to investor notes…