Investing.com – Intel stock (NASDAQ:INTC) rose 1% on Monday as Northland Capital upgraded it to market perform from underperform earlier.
Analyst Gus Richard has a $49 target for the stock against $42 earlier, according to reports. The stock touched a high of $49.59 so far during the session underway today.
According to Richard, the world “desperately” wants a second source to Taiwan Semiconductor Manufacturing (NYSE:TSM), and Intel is a contender due to a lack of alternatives.
Holding the company back is the lack of evolution over the last 15 years, the analyst wrote in his note. Even as the analyst doesn’t have high hopes from Intel CEO Pat Gelsinger’s plans, the chances are not zero either, the reports said quoting him.
Intel is investing $20 billion in setting up two new chip plants in Arizona and aims to become a major provider of foundry capacity in the U.S. and Europe to serve customers globally. The chip giant has joined IBM (NYSE:IBM) to work on creating next-generation logic and packaging technologies.
From dominating the chip industry over several decades, Intel failed to capture the emerging opportunities in mobiles and Cloud. It’s now looking to capture some of that share.