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Shares of Intel INTC-Q rose by more than 6 per cent on Thursday, hitting their highest level in 17 months, after analysts at Mizuho Securities upgraded the semiconductor giant to “buy,” citing prospects of increased revenue from forthcoming chips and new production facilities.

Intel is set to unveil new data centre and artificial intelligence chips during a “prolific product launch year” in 2024 as well as open new chip-making facilities, Mizuho analysts led by automotive and semiconductor specialist Vijay Rakesh said in an investor note on Wednesday.

Mizuho upgraded Intel’s stock to “buy” from “neutral” and raised their price target to $50 from $37. Intel’s shares rose as high as $43.30, the highest since June last year. The stock has gained 63 per cent year-to-date.

“We believe INTC (Intel) is lining up significant new server product launches and foundry customer announcements in the next six months,” the analysts wrote.

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