Benzinga | Jan 5, 2022 08:22AM EST

Read Why Northland Upgraded Intel To Outperform

* Northland analyst Gus Richard upgraded Intel Corp (NASDAQ:INTC) to Outperform from Market Perform with a $62 price target. The price target implies a 16.7% upside.

* Richard thinks Intel is starting to execute on a "coherent strategy" for "the first time in many years."

* Related Content: Read Why Tigress Financial Remains Bullish On Intel

* While early in its turnaround, he thinks estimates are conservative.

* Richard also argues that Intel is likely "a good place for large-cap managers to wait out multiple compression" as high multiple stocks come under pressure.

* Intel is the world's largest chipmaker. It designs and manufactures microprocessors for the global personal computer and data center markets.

* Price Action: INTC shares traded higher by 0.79% at $53.56 in the premarket session on the last check Wednesday.