The new manufacturing strategy from Intel won’t be enough to stem the chipmaker’s market share losses, research firm Atlantic Equities said in a note to clients on Monday.

In March, Intel announced plans to build two production plans in Arizona as part of an overhaul of its manufacturing strategy, which the company refers to as “IDM 2.0.”

Analyst Ianjit Bhatti downgraded the stock to underweight from neutral, saying that the change in course makes sense but doesn’t address Intel’s shortcomings against a major competitor.