No longer the high-flying tech stock it once was, (NASDAQ: INTC) got its wings clipped on Wednesday. Although the impetus for this was an ostensibly bullish analyst note, there was enough in the document to warrant concern. At the close of the trading day, Intel's share price had sunk by more than 3%, a notably steeper fall than the S 500 index's 0.2% decline.

The note was authored by Northland Capital Markets' Gus Richard, who still recommends Intel with an outperform (i.e., buy) rating, at a price target of $45 per share. 

In the note, Richard wrote that it is critical for the tech company to take back its once solid lead in process technology. He's convinced that the company has positioned itself to do so. As for goal No. 2, in his view, this is "creating a profitable foundry that external customers can use."

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Source Fool.com