Investing.com – Intel stock (NASDAQ:) rose 1% on Monday as Northland Capital upgraded it to market perform from underperform earlier.

According to reports, Gus Richard estimates that the stock has a target price of $49 and not $42, as reported earlier. Stock reached a new high today of $49.59 during the current session.

According to Richard, the world “desperately” wants a second source to Taiwan Semiconductor Manufacturing (NYSE:), and Intel is a contender due to a lack of alternatives.

The lack of development over the past 15 years is what holds the company back, wrote the analyst 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 has invested $20 billion in two new Arizona-based chip plants. It aims at becoming a significant provider of findry capacity in America and Europe, to better serve its customers around the world. Intel has joined the chip giant. IBM (NYSE: ) for work in creating next-generation packaging technology and logic.

Intel is no longer the leader in the chip market, having dominated it for many decades. However, Intel was unable to take advantage of the opportunities available in the mobile and cloud sectors. It’s now looking to capture some of that share.