Shares of semiconductor company Advanced Micro Devices got upgraded to outperform from market perform at Northland Capital Markets. The analysts cited industry peer Intel's "faux pas" as factor behind the upgrade.
The investment firm cited its expectation that the semiconductor company will continue to gain market share after rival Intel "made a strategic faux pas." Intel will be competing with Taiwan Semiconductor Manufacturing's (TSM) foundry business while also outsourcing some of its own products to the company – something that could make Intel "persona non grata" at TSMC, according to Northland analyst Gus Richard.
Earlier this week, Intel said it expected to exceed earlier guidance for first-quarter revenue and earnings. It is planning to invest $20 billion in two new Arizona factories.