Piper Jaffray analyst Ruben Roy reiterated an Overweight rating and bumped his price target on Intel (NASDAQ: INTC) to $38.00 (from $37.00) following Q3 results which showed PC and Data Center remain healthy.

Roy commented, "INTC reported Q3 revenue of $14.6B, which was slightly above management guidance and consensus expectations. PC unit volumes increased Y/Y for the fourth consecutive quarter and Data Center revenue increased 16% Y/Y. Gross margin was slightly lower than expected, primarily on higher 14nm production costs but the outlook for Q4 implies no change to full year expectations. Operating expenses were roughly in-line with guidance. Net, INTC reported EPS of $0.66, which compared favorably to the consensus estimate of $0.65 and our estimate of $0.62. Q3 outlook for 1% revenue growth is in line with normal seasonality and above consensus expectations. We are making modest changes to our 2014 and 2015 estimates and raising our price target to $38 from $37. We continue to view INTC's refocused product strategy, as well as its focus on shareholder returns, positively."

The firm bumped FY 2014 EPS from $2.14 to $2.26 and FY 2015 EPS from $2.30 to $2.35.

For an analyst ratings summary and ratings history on Intel click here. For more ratings news on Intel click here.

Shares of Intel closed at $32.14 yesterday.