NEW YORK (TheStreet) -- Investors who are looking for solid company to bet on for the next 12 to 18 months have to consider Intel (INTC) - Get Report , the world's largest semiconductor company. Ahead of its third-quarter 2015 earnings results Wednesday, there's an implied 25% gain on Intel stock, which has a consensus buy rating and an high analyst 12-month price target of $40.

Intel shares, currently trading at around $32, are cheap too. The stock has been in negative territory for most the year, down almost 11% in 2015 and down 4% the past 12 months. Given Intel's ties to the slumping sales of personal computers, it would seem investors have abandoned the Santa Clara, Calif.-based tech giant for better opportunities. But with shares trading at just 12 times earnings, against a P/E of 21 for the S&P 500 (SPX) , Intel shares are too cheap to avoid.

Indeed, slumping sales of personal computers, which have been surpassed by mobile devices and tablets, is a major concern. And that Intel's PC-related business still accounts for about half of its annual sales heighten investors' trepidation. But it would seem PC prospects have improved, if you've read the note from Mike McConnell, analysts at Pacific Crest.

McConnell, who has an overweight rating on Intel and a $35 12-month price target, said he expects laptop shipments for September to beat expectations by about 5% to 10%. Likewise, there's improved demand from original equipment manufactures that are interested in desktop motherboards, noted McConnell. And following a recent slowdown, server-related chip demand from cloud service providers is rebounding strongly, McConnell added.

McConnell's optimism on the PC market is affirmed by analysts at both Citigroup and Wells Fargo, who earlier this month suggested that demand for personal computers have begun to stabilize. And even if PC demand doesn't materialize as analysts expect, Intel, which just picked off semiconductor rival Altera (ALTR) - Get Report , is developing new revenue streams to lessen its dependency on PCs.

But if PC demand does rebound in the quarters ahead, or even stabilize, this makes Intel stock even more attractive based on the lowered growth expectations that have yet to factor in the higher demand. Plus, assuming Intel can extract synergies from Altera and capitalize on Altera's $2 billion in incremental revenue growth from its data center business, Intel will realize higher gross margins. And when margins rise, so do profits.

In short, the current climate for the personal computer sales notwithstanding, now is the time to want to own Intel. Aside from the implied 13% stock gains, Intel pays a 24-cent quarterly dividend that yields 3.13% annually, making it a solid value play for the next 12 to 18 months.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.