Wall Street has spent years wondering when Intel would turn the corner. For a long stretch, patience wore thin.

Now one of the most closely watched chip analysts on Wall Street is sending a clear signal that the turnaround story has legs.

His latest note landed just days after Intel (INTC) posted numbers that even skeptics found hard to ignore.

Intel’s comeback story picks up steam

Intel has been rebuilding itself piece by piece since Lip-Bu Tan took over as CEO around 15 months ago. 

He trimmed layers of management, cut the workforce, and pushed the company to move faster and listen more closely to customers.

The turnaround attempt translated to investor optimism,…