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Morgan Stanley’s $INTC Intel bull case just hit $137 Morgan Stanley laid out three clear valuation scenarios for Intel. Bull case - $137 ~45x 2027 EPS of $3.04. Assumes management executes on the product roadmap, stabilizes share, and drives revenue to $77 billion in 2027 with 50% gross margins. Investor confidence and the multiple expand as pipeline issues get resolved. Base case - $84 ~42x 2027 EPS of $2.00. Server CPU shortages prove manageable beyond 12 months, but AMD continues taking share. Foundry progress is real, yet still secondary to the core goal of making competitive microprocessors. Needs clearer evidence of server performance leadership to turn more constructive. Bear case - $50 40x depressed 2027 EPS of $1.25. Cycle turns in 2027, share losses continue, data-centric revenue underwhelms due to a weak product roadmap and foundry disappointments. Multiple compresses further as meaningful foundry relationships fail to materialize. The spread is extremely wide. Morgan Stanley is showing that the outcome for Intel still hinges heavily on execution, both on the product side and on converting foundry momentum into actual customer wins. The bull case requires strong delivery and margin expansion. The base case remains cautious and leaves room for AMD pressure. The bear case assumes the turnaround stalls. This kind of range usually appears when a stock has already moved a lot and the debate is shifting from survival to how much of the upside is already priced in. My Take: The Bull Case is my base case... #DailyOrbit