Wells Fargo chip analyst David Wong this afternoon reiterated an Outperform rating on shares of Intel (INTC), writing that the company’s gross margin is poised to rebound from 62.5% in 2011 to 64% this year, leading to higher operating profit as well, all else being equal.

Wong sees a rebound in revenue growth as personal computer growth returns from a depressed state prompted by disk drive shortages resulting from floods that besieged Thailand last year.

That revenue recovery will help Intel take advantage, he suggests, of favorable economics in the manufacture of its 22-nanometer chips this year:

In 2011 there was a need for more capacity of 32nm silicon. Our numbers show that Intel’s 22nm families may well have an average die size that is less than the 32nm Sandy Bridge, though significantly greater than the 32nm Westmere processor chip. On balance we conclude that the effect of die size is probably neutral with regard to 22nm capacity need compared to the 32nm node. If there is nothing intrinsically more costly about 22nm manufacturing than 32nm manufacturing, the unit processor cost of Ivy Bridge could be lower than Sandy Bridge. Hence higher capital spending in 2012 should not affect gross margin.

Intel shares today closed up 4 cents at $26.70.

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