Intel, Other Chips Lead Tech Higher

Updated from 11:27 a.m. EDT

Chip stocks were leading the tech sector higher Monday, with Intel(INTC Quote) and Advanced Micro Devices(AMD Quote) among the biggest gainers, with the Nasdaq up 1.84% and the Dow up 2.12%.

Intel shares were recently rising 5.1% to $16.62 after Morgan Stanley upgraded the stock from equal weight to overweight. Analysts there said the stock looks attractively valued based on EV/sales and said consensus earnings estimates look too low. UBS, meanwhile, boosted its target for Intel to $18, based on the expectation that gross margins will improve dramatically in the second quarter. The firm has a buy rating on the stock.

Elsewhere in the sector:

AMD shares were up 11% to $4.24.

Texas Instruments(TXN Quote) was up 1.7% to $18.26.

STMicroelectronics(STM Quote) was up 8.3% to $7.05.

National Semiconductor(NSM Quote) was up 7.7% to $13.31.

Applied Materials(AMAT Quote) was up 4.5% to $12.73.

Nvidia(NVDA Quote) was up 4.5% to $12.19.