UPDATE: Pacific Crest Securities Reiterates Outperform Rating, Raises PT on Intel Corporation on Multiple Positive Factors

In a report published Wednesday, Pacific Crest Securities analyst Michael McConnell reiterated an Outperform rating on

, and raised the price target from $31.00 to $32.00. In the report, Pacific Crest Securities noted, “We are buyers of INTC due to improving corporate PC demand, a high likelihood for Intel's Grantley server platform to spur traditional IT spending in 2015, and a call option on foundry share gains over the long term, likely leading to a multiple expansion.” Intel Corporation closed on Tuesday at $26.77.