This story has been updated from 11:22 am EDT with additional information.
NEW YORK (TheStreet) -- Shares of Intel (INTC) touched a 52-week high of $35.56 on Monday ahead of the tech company's annual developer's forum, which begins Tuesday and ends Thursday.
Bank of America/Merrill Lynch (BAC) reiterated its "buy" rating on the stock and maintained its $36 price target. "From Sep 9-11, Intel hosts its 14th annual developer's forum (IDF) where we expect Intel to convey its resolve to lead the nascent Internet of Things (IoT: wearables, industrial, autos, consumer) market," the firm wrote in a research note Monday.
"There will be updates on traditional PC, data center and mobile, but key Day One sessions are devoted to IoT. We maintain Buy and a top pick on Intel as we believe it remains under-owned, and as Street underestimates the $3+ in EPS power as PCs stabilize, mobile losses are reduced and data center dominance continues. We expect IDF to sets Intel's agenda and reinforce the value in its leading edge manufacturing, scale, software and security assets," the firm added.
At last check, the stock was up 0.73% to $35.25.
Intel said last month that the forum, set in San Francisco, "is all about the technology developers in attendance: their opportunities, their creations and ideas, and the benefits of joining the millions of developers worldwide who participate in the Intel architecture ecosystem."