Barclays analyst Blayne Curtis upgraded Intel (INTC) to Overweight citing better PC trends and a "compelling relative valuation."

The company is positioned to return to "sustainable growth" amid better computer trends and double-digit server growth, Curtis tells investors in a research note. He raised his price target for Intel shares to $45 from $38.

The chipmaker closed yesterday down 16c to $37.29. Curtis this morning also downgraded shares of Cypress Semiconductor (CY) to Equal Weight.