Sometimes, even the best earnings reports can get lost in broader market noise.

Such was the case with chipmaker Intel Corporation (NASDAQ:INTC) on Friday, April 27. The company reported a really strong double-beat-and-raise quarter on Thursday afternoon that showed strength in all the right places.

INTC stock jumped 8% higher in after hours trading as a result. The stock carried that momentum into the open on Friday.

But Intel stock proceeded to give back all of those gains and actually fell into the red on Friday. By the close, INTC stock was down 0.6%.

Why? Broader market noise. The whole market opened up way higher thanks to strong reports from Amazon.com, Inc. (NASDAQ:AMZN), Microsoft Corporation (NASDAQ:MSFT) and Intel. But, then, that post-earnings euphoria cooled off.

There’s nothing wrong with that. The markets had a big move higher on Thursday, powered mainly by strong earnings from Facebook Inc (NASDAQ:FB). Thus, a little profit-taking into the weekend was only natural.

But when it comes to INTC stock, this broader market noise should be largely ignored. All it’s doing is drowning out rightly-placed optimism from a fantastic earnings report, dragging down the stock price, and creating a more compelling buying opportunity for long-term-oriented investors.

Here’s a deeper look:

Intel’s Quarter Was That Good

Combing through the numbers, it’s easy to that Intel’s quarter really was that good.

The PC-to-data-centric transition is playing out perfectly. PC-centric revenue was up an anemic 3%, as expected. After all, the PC market is largely saturated.

But that anemic growth is pretty much meaningless at this stage in the game. Data-centric revenues soared 25% higher, led by robust growth in all the company’s key growth markets (namely, data center and the Internet-of-Things). Better yet, the big growth data-centric business now comprises half of total revenues.

As such, the total company’s growth profile is starting resemble data-like growth. Total revenues rose 13% in the quarter.

The return of strong revenue growth has been accompanied by a return in operating leverage in the business model. That strong leverage (total spending rate fell from 36.6% to 32.4%) and a lower tax rate drove 32% earnings growth in the quarter.

Those are big numbers for INTC. And they aren’t going away any time soon.

Next quarter, revenues are expected to grow by 10%, while earnings are expected to grow by more than 30% again. This continued strength in the company’s financials speaks volumes about the company’s improving secular growth prospects.

Intel Stock Is Attractively Valued

Clearly, INTC is successfully executing on its transition from a PC-centric business to a data-centric business.

That means that while today’s big growth rates may slow over time, they won’t slow by much because INTC is gaining exposure to multiple secular growth markets. As those markets mature and grow over the next several years, INTC’s business will grow as well.

Intel stock trades at less than 14 times this year’s guided earnings. That multiple doesn’t reflect 30%-plus earnings growth or exposure to big growth markets like data centers and IoT.

I realistically think earnings growth can run around 10% per year over the next 5 years. If so, that would put earnings per share in 5 years at roughly $5.60. A market-average forward earnings multiple of 16 on those $5.60 earnings implies a four-year forward price target of roughly $90. Discounted back by 10% per year, that equates to a present value of over $60.

Plus, Intel stock has a nice, big 2.3% dividend yield to go alongside being materially undervalued relative to intrinsic growth prospects. As such, not only does upside on INTC look compelling, but downside risk is also greatly limited.

Bottom Line on INTC Stock

The company had a really good quarter and it looks like the company will keep reporting really good quarters into the foreseeable future given improving growth prospects in critical high-value markets like data centers and IoT.

At current levels, INTC stock looks dirt cheap considering those improving growth prospects.

Hence, buying INTC seems like a smart move.

As of this writing, Luke Lango was long INTC, AMZN, and FB.