The company also received positive coverage from J.P. Morgan, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment.
These types of reports are "very bullish" for a stock heading into earnings, Cramer added. Intel reports Thursday.
Cramer praised CEO Brian Krzanich for doing a "wonderful job reinventing the company," especially after its acquisition of Altera. As the company shifts its business away from personal computers, look for the stock to trade with a higher price-to-earnings valuation, he said.
Turning to Darden Restaurants (DRI) , Cramer pointed out that activist investor Starboard Value sold 1.3 million shares of the company. But investors shouldn't panic because the fund still holds an 8.1% stake in the stock.
"Don't sell Darden on a trim by a hedge fund that has a big gain. That's not a good reason to sell," Cramer explained. "The last quarter for Darden was extremely well," and the restaurant company is a big beneficiary of lower gas prices, he added.