Intel (NASDAQ:INTC) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a note issued to investors on Wednesday. The firm currently has a $37.00 price target on the stock. Zacks‘s price objective indicates a potential upside of 20.17% from the stock’s previous close.

Zacks’ analyst wrote, “Intel is one of the leading producers of microprocessors in the world. The company’s first-quarter earnings exceeded the Zacks Consensus Estimate by a penny. Forward guidance was in line with the consensus estimate. Though Intel’s promise of success in the mobile segment is encouraging, this is likely to be mitigated by conservative spending by individuals and corporations, competition from ARM-based devices, and the impact of new product ramp-up costs. The silver lining is its strength in the server and software segments, which along with the stabilization in the PC market and its process lead leads us to upgrade our rating to Outperform.”

A number of other firms have also recently commented on INTC. Analysts at Sanford C. Bernstein upgraded shares of Intel from an “underperform” rating to a “market perform” rating in a research note on Thursday, June 26th. Separately, analysts at Bernstein upgraded shares of Intel from an “underperform” rating to a “market perform” rating in a research note on Thursday, June 26th. They now have a $28.00 price target on the stock, up previously from $22.00. Finally, analysts at S&P Equity Research reiterated a “buy” rating on shares of Intel in a research note on Wednesday, June 18th. Four investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $29.48.

Shares of Intel (NASDAQ:INTC) traded up 0.06% during mid-day trading on Wednesday, hitting $30.81. 14,084,860 shares of the company’s stock traded hands. Intel has a 1-year low of $21.89 and a 1-year high of $31.36. The stock has a 50-day moving average of $28.80 and a 200-day moving average of $26.34. The company has a market cap of $153.4 billion and a price-to-earnings ratio of 16.47.

Intel Corporation, incorporated in 1968, designs and manufactures integrated digital technology platforms.

To view Zacks’ full report, visit Zacks’ official website.