Wall Street just delivered another vote of confidence for Intel (INTC) ahead of one of the company’s biggest catalysts of the year. Susquehanna recently raised its price target on INTC stock to $115 from $80 while maintaining a “Hold” rating, arguing that second-quarter results are shaping up better than previously expected. The firm’s channel checks point to stronger server CPU demand and healthier PC builds than anticipated, giving investors fresh optimism just days before Intel reports earnings on July 23.

The upgrade comes after a volatile stretch for the semiconductor giant. Intel shares have pulled back sharply from their June highs as…