Intel jumps to 17-month high after Mizuho analyst upgrade

FILE PHOTO: A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

NEW YORK (Reuters) - Shares of Intel rose by more than 6% 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 center 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.