Joining a growing number of analysts bearish on Intel Corp. (INTC), Goldman Sachs lowered its rating on the technology stock to Sell from Neutral citing in part issues with its manufacturing process.

Goldman Sachs analyst Toshiya Hari lowered the firm’s price target to $44 from $49, 12% below current trading levels, according to a report on The Street. Intel closed Thursday at $50.14.

Intel has been struggling with ongoing delays in the production of its next generation 10-nanometer chip. Last month, the company said it would not produce the chip until late 2019, whereas its competitor Advanced Micro Devices (AMD) said it is launching a more competitive 7-nanometer chip by the end of this year.

"We see Intel's struggles with 10nm process technology having ramifications in terms of its competitive position -- across a broad set of products," Hari said in a note Friday. "While the 10nm push is well-publicized at this point, we believe Intel's manufacturing issues could potentially be deeper-rooted than what most think, and could have a sustained impact on market share and/or spending levels as Intel competes with a growing/stronger TSMC eco-system."

Investors have been increasingly concerned about negative coverage on Intel, including its leadership. CEO Brian Krzanich resigned abruptly in June following reports of inappropriate behavior. (See also: Intel CEO Resigns.)

New Caution on Intel

Earlier this week, Barclays analyst Blayne Curtis downgraded Intel to Hold from Buy and reduced his price target to $53 from $62, citing pressure from competition like AMD.

"Intel continues to believe that it can retain a performance advantage even with a process node disadvantage, but has provided little evidence to support this, creating an overhang well into 2019." (See also: Intel Needs to Prove it Can Beat AMD: Barclays.)