Mizuho Securities analyst Vijay Rakesh has upgraded his rating on Intel stock from Neutral to Buy. Rakesh has raised his price target for Intel stock to $50 from $37.

Intel’s third-party chip-manufacturing business is gaining traction with customers. Intel’s server business is preparing to launch important products.

Intel’s CEO, Pat Gelsinger, is prioritizing the development of the company’s foundry business.

Intel is a leading candidate for government funding to make chips for U.S. military and intelligence applications. Intel has signed up three customers for its 18A chip-manufacturing process.

Growing confidence in the outlook for sales of personal computers is positive for Intel’s stock.