Intel stock has rocketed higher to start 2026, and some Wall Street analysts are starting to believe the rally is real.

Seaport Research Partners upgraded Intel stock to Buy from Neutral and assigned it a $65 price target in a research note Tuesday. The chip maker can retake market share this year in both its enterprise and consumer product segments, the firm says.

Shares were up 6.5% at $50.03 on Tuesday. Other tech stocks tumbled amid President Donald Trump's threats to impose tariffs on NATO members if they don't allow his administration to seize control of Greenland.

Intel's Panther Lake processors, made using its new 18A manufacturing process, could be a winner, Seaport says. The firm has heard strong signals from personal computer manufacturers about Intel's products at and since the CES tech conference, it said.

Panther Lake also represents a step forward for a company whose manufacturing footprint disintegrated over the last decade. Intel's foundry, or chip-manufacturing unit, is booking billions of dollars worth of quarterly losses as it tries to get back on its feet.

"From what we have seen, 18A is highly performant, meaning that Intel is competitive (or at least viable) again in manufacturing for the first time in almost 10 years," wrote Seaport analyst Jay Goldberg.

The foundry has "a long way to go before we can contemplate viability," Goldberg wrote, but the rollout of Panther Lake shows the company is back on track. Seaport nudged its 2026 revenue expectations higher and boosted its estimates for adjusted earnings to 69 cents a share from 65 cents.

As of Friday's close, Intel stock has surged 119% in the last 12 months and 27% already in 2026. The launch of new processors and a social-media post from Trump praising Intel CEO Lip-Bu Tan have buoyed shares in recent weeks.

Many Wall Street firms appear skeptical of Intel's runway for growth, though. Of the 48 analysts polled by FactSet, 40 have Intel at the equivalent of a Hold or Sell rating. In a research note last week, Truist Securities reiterated a price target of $39 and a Hold rating on Intel stock, arguing the company will remain supply-constrained in the first quarter.

But a growing minority of analysts, such as Seaport's Goldberg, are changing their tune. Eight Wall Street firms now have Intel stock at a Buy or the equivalent, up from five in December and just two as recently as August.

Intel's stellar run might not be a head fake after all.