Intel's (INTC) future looks promising in the eyes of Barclays.

Analysts at the firm on Monday reiterated their "Overweight" rating on Intel's stock while raising their price target to $55 from $45, representing about a 21% upside from Friday's close.

Shares of Intel were rising in afternoon trading on Monday. 

Barclays noted several reasons why it believes Intel's stock will continue to power higher. Of these include the company's efforts to "drive [free cash flow] improvement" through an increased emphasis on cost controls.

Barclays is also bullish on Intel's current position as it regards artificial intelligence, arguing the company has a "better position in the AI inference market than they get credit for, which we expect to begin to play out in 2018."

Additionally, the firm argues Intel holds an advantage over GPU rivals. "While a GPU can show performance advantages vs. a CPU in a controlled favorable setting, a CPU offers a greater ease of use and better real world performance" for AI platforms.

And Barclays contends that Intel's $15 billion acquisition of Mobileye, an Israeli technology company, in March will give the tech titan an advantage in the connected car space.

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