Northland analyst Gus Richard upgraded AMD (AMD) to Outperform from Market Perform with a price target of $96, up from $84. Intel (INTC) has made a “strategic faux pas” by recommitting to entering the foundry business, Richard tells investors in a research note. The analyst does not believe TSMC (TSM) will relinquish its manufacturing lead to Intel “any time soon” as its process technology leadership drives product leadership and gross margins higher, says Richard. As such, he believes Intel’s expansion into the foundry market will increase AMD as a priority for TSMC (TSM) and that Intel “will be persona non grata.” For this reason, Richard expects AMD’s market share momentum to continue, driving the upgrade to Outperform.