Shares of Intel Corporation (INTC) hit a 10-year high on Friday, jumping more than 6.8% to close at $29.87, the highest level since February 2004 after the company raised its second-quarter and full-year revenue projection, saying demand for business PCs have been stronger-than-expected.
The Santa Clara, Calif.-based semiconductor said late Thursday that it now anticipates revenue of $13.7 billion, plus or minus $300 million, compared with an earlier view of just $12.5 billion to $13.5 billion. Furthermore, the world’s largest chipmaker now projects “some revenue growth” for the year, compared to its prior forecast of flattish revenue.
The announcement triggered a number of upbeat analyst notes, including upgrades to “Buy” from “Neutral” at Roth Capital, to “Equal-weight” at Morgan Stanley (MS) and a “Buy” rating at Deutsche Bank (DB). Analysts at Canaccord Genuity raised their INTC PT from $29 to $31. Credit Suisse (CS) and RBC Capital also raised their Intel price target from $30 to $35 and from $28 to $31, respectively.
Shares of Intel rallied as high 7% to $30.06 in midday trading. As of Friday’s close, INTC was already up 22% on the year and trading at a 10-year high, on strong volume.