Intel INTC shares remained in focus after Stifel raised its price target on the chipmaker to $120 from $75 while maintaining a Hold rating, citing continued progress in the company’s multiyear turnaround.

Stifel said Intel’s upcoming results are likely to meet or modestly exceed current expectations. The brokerage added that investor attention will likely center on management’s commentary around server CPU demand, pricing trends, graphics processor production and foundry operations, which it views as important indicators of the company’s longer-term recovery.

The firm said downside risks to Intel’s margins and earnings appear to be easing over the next several quarters as the turnaround advances. However, it noted that Intel’s longer-term…