Intel’s stock is up 16.1% in Thursday morning action, flirting with its biggest daily gain since exactly five years ago, when it rose 19.5%, according to Dow Jones Market Data.

That’s as Wall Street cheers Lip-Bu Tan, who was named late Wednesday as Intel’s next CEO. The praise was heavy from sell-side analysts, with Wolfe Research’s Chris Caso writing that Tan is “one of the most respected individuals in semiconductors, and we can’t think of a better choice for their CEO.”

Tan has a tough journey ahead of him given Intel’s challenges with both its design and manufacturing businesses. But as Caso put it: “The first step in getting out of a hole is to stop digging.” Given that Tan left Intel’s board in August after reportedly having disagreements around what was then the company’s vision, Caso thinks his return signals “that the board wishes to move in a different direction.”