It's a bit hard to imagine now, but struggling chip company (NASDAQ: INTC) was once a darling stock in the crowded tech sector. In the not-so-distant past, however, the once-dominant company started to become overshadowed by rivals developing and producing highly competitive products. Many observers started considering Intel something of a has-been, a sentiment that lingers in more than a few investor minds today.

One market professional who might seem to agree with that take is Bank of America Securities analyst Vivek Arya. After all, he recently lowered his price target on Intel stock while keeping his neutral recommendation. But there's more to the story than that.

That cut was fairly deep; in mid-April, Arya lowered his Intel price target from $50 per share to $44. Yet even at the new level the analyst is expecting some upside -- if realized, it would mean a gain of over 23% on the most recent closing share price.

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Source Fool.com