“Intel is successfully navigating the transition from a PC-centric to data-centric company – specifically, Intel’s data-centric businesses now comprise about 47 percent of revenue,” Credit Suisse analyst John Pitzer told Reuters, upgrading the stock to “outperform” from “neutral.”

Intel projects its data centric unit to grow mid-teens and PC centric business in the low single digits this year, with overall revenue growth of 4% to $65 billion.

“While we believe near term PC unit declines have been impacted by a lengthening in the PC refresh cycle, we view this lengthening as slowing over time, lessening the deleterious impact on overall company growth,” Susquehanna Financial Group analyst Christopher Rolland told Reuters.

Tech investors were also reassured by Intel that it does not expect any material impact from the recent disclosure of security flaws Spectre and Meltdown in billions of its chips.

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