A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023.
Mizuho upgraded Intel's stock to "buy" from "neutral" and raised its price target on the shares to $50 from $37.
Intel shares rose as high as $43.39, the highest since June 2022, and closed up 6.7% to $43.35 on Thursday.
"We believe (Intel) is lining up significant new server product launches and foundry customer announcements in the next six months," the analysts wrote.
Intel competes for market share with other prominent chipmakers including Nvidia (NVDA.O), Broadcom Inc (AVGO.O), Advanced Micro Devices (AMD.O), and Samsung Electronics (005930.KS).
Persons:
Dado Ruvic, Vijay Rakesh, Chibuike Oguh, Purvi Agarwal, Toby Chopra, Bill Berkrot
Organizations:
REUTERS, Intel, Mizuho Securities, Mizuho, Nvidia, Broadcom Inc, Devices, Samsung Electronics, Thomson
Locations:
New York, Bengaluru