Parts of Wall Street are slowly turning more positive on semiconductors, and Intel (NASDAQ: INTC) is getting a lift as a result. Shares of the chipmaker traded up 3.7% as of 2:15 p.m. ET on Monday after a pair of price target boosts from analysts.

Semiconductors have always been a cyclical industry, and Intel shares have been caught in the ugly part of the cycle. The stock is down 41% over the past year on falling global demand for personal computers and fears that a slowing economy would eat into tech spending in 2023.

But there is at least some indication that some analysts believe the sell-off has gone far enough. On Monday, Truist analyst William Stein raised his price target to $33, from $29, while keeping a hold rating on the shares. Stein wrote that while he is broadly pessimistic about 2023, he does anticipate a recovery in 2024.

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Source Fool.com