Canaccord Genuity reiterated a Buy rating and $39.00 price target on Intel (NASDAQ: INTC) amidst a market sell-off. Intel shares have proven rather resilient, bolstered by a strong dividend and increasing clarity around the longterm data center growth strategy.

Analyst Matthew Ramsay commented, "Into the October 13 earnings call, we remain confident in our long-term thesis centered on margin accretive DCG growth, a sharp cut in Mobile losses in 2016, solid IoT growth, and prudent management of the secular PC market decline. Near term, while we still believe modest downside risk remains to 2H/15 guidance in both DCG and CCG, we believe investors are well aware of these risks and near-term data points from each business have trended more positive with solid cloud spending trends and the G.A. release of Skylake. Overall, we maintain our bullish view on improving Intel fundamentals highlighted by an increasing mix of revenue and profit driven outside of the PC market. While Mobile losses remain heavy, we believe the shift to Cherry Trail and SoFIA products should quickly reduce the need for costly subsidies and dovetail nicely with cost synergy savings from combining the Mobile/PC businesses. Reiterate BUY, $39 PT."

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Shares of Intel closed at $30.00 yesterday.