Intel shares, after dropping to as low as $29.50 on May 19, have gained 9% in the past couple of weeks. The chip maker gained most of this value because of the rumors about what Apple could say on Monday at WWDC.

Intel Corporation Stock Well-Positioned To Hit $35 Soon

Intel stock shaping up for a recovery

According to the rumors, the iPhone 7 versions that will run on AT&T’s network will have chips from Intel. However, it is not known as of now if those rumors are true or not. Intel stock has reclaimed all three key support benchmarks: its 20-, 50- and 100-day moving averages, after which it is in a sustained uptrend, says The Street.

Based on the assumption that the shares will break their resistance at $32.13, it seems that they won’t stop rising before reaching $35 after gaining 10%. On Friday, the stock closed 0.31% higher at $32.04. Friday was a brutal day for the entire market with a handful of tech stocks closing in positive territory, and Intel was one of them. The stock now is shaping up for a nice second-half recovery, the report says.

After dropping to around $27 in February, Intel shares have risen by almost 20%. Currently the stock is very close to its March high of $32.75, where it peaked just before the first quarter earnings report.

Decent technicals and fundamentals

Intel’s mobile revenue will get a big boost from the Apple deal (if true), but no such high assumptions are reflected by Intel stock. Despite the recent 9% gain over the past month, the stock is priced at just 13 times this year’s earnings, which is four points below the S&P 500.

In other words, it can be said that along with the fundamentals, the technicals are improving. The recent rise above the 20-day average at $31.09 further affirms this. A gain of around 10% to $35 can be expected as the stock breaches the resistance at around $32.10.

Intel is expected to report its earnings next month, so we may not have to wait much to witness those gains. Overall, 16 analysts have a Buy rating on the chip maker, while nine rate it Outperform and 15 recommend it as a Hold. The average price target on the stock is $35.49. The highest price target is $42, while the lowest is $26.

At 11:18 a.m. Eastern, Intel shares were up 1.42% at $32.49. Year to date, the stock is down by over 7%, while in the last year, it is up almost 4%. The stock has a 52-week high of $35.59 and a 52-week low of $24.87.