Intel Corporation (NASDAQ:INTC) shows tremendous potential to grow, so many of the biggest research firms boosted their target price on the chip maker’s shares in research reports issued on Friday. Analysts at Credit Suisse raised their target price on Intel shares from $30 to $35. Analysts at RBC Capital raised their price target on the stock from $28 to $31.

intel logo

Price target raised by many

Also analysts at Jefferies Group raised their price target on Intel Corporation (NASDAQ:INTC) from $35 to $40. Canaccord Genuity analysts upped their price target on the chip maker from $29 to $31. Overall, three analysts have given the stock a Sell rating, 14 have assigned a Hold rating, 14 have given a Buy rating and one has assigned a Strong Buy rating to the stock. Intel presently has a consensus rating of Hold and a consensus price target of $29.24.

Intel Corporation (NASDAQ:INTC) reported EPS of 38 cents for the quarter ending on April 15, which was more than the estimate of 37 cents given by Thomson Reuters and also more than the same quarter of last year’s earnings per share, which were 40 cents. The company had revenue of $12.8 billion for the quarter, compared to the estimate of $12.81 billion. The chip maker’s quarterly revenue was up 1.5% on a year-over-year basis. On average, analysts expect Intel to give $1.99 in earnings per share for the current fiscal year.

Intel offers potential returns?

Intel Corporation (NASDAQ:INTC) stock increased more than 7% to above $30 on Friday for the first time since March 2004.The rise was because the company raised guidance for second quarter & full year revenue. Intel raised its Q2 revenue forecast from $13 billion to $13.7 billion. The Santa Clara-based company had flat revenue guidance previously, but now there is a higher expectation of growth in the fiscal year 2014. Also Intel increased its gross margin guidance by 1% to 64%. The company now expects its second quarter expenditures to jump from $4.8 billion to $4.9 billion.

Intel Corporation (NASDAQ:INTC) has a 52-week low of $21.89 and a 52-week high of $30.06. The stock’s 50-day moving average is 26.84, whereas its 200-day SMA is 25.58. That shows the stock is in an upward trend technically. Intel surprisingly witnessed a decline in short interest in May, which could be a reason for investors to buy the stock.