Mizuho analysts upgraded Intel's (NASDAQ:INTC) rating to Buy from Neutral, with a significant increase in the price target, raising it by $13 to $50 per share. As a consequence, the company’s shares rose more than 3% intra-day today.

Explaining the timing of the upgrade, the analysts noted that Intel is on the verge of major new Server product launches and Foundry customer announcements in the next six months.

The upgrade is backed by five key reasons identified by the Mizuho analysts. They believe that Intel's 2024 product roadmap for Compute and Data Center (DC) is superior to that of its competitors and its past performance. They are also optimistic about a forthcoming upcycle in the PC and Data Center industry in 2024, which they expect to boost Intel's growth.

Another positive factor is the spinoff of Altera FPGA, which is estimated to add significant value, approximately $17 per share.