Intel (INTC) March Notebook Shipments Came in Below Expectations for the Third Month in a Row - Citi

Citi analyst Christopher Danely reiterated a Neutral rating and $55.00 price target on Intel (NASDAQ: INTC) but noted that March notebook shipments were up only 33% MoM, below Citi’s expectation of 42%.

The analyst stated "Overall 1Q22 notebook shipments were down 20% QoQ, below our expectation of down 18% QoQ, due to continued component supply tightness, logistic constraints and slowdown in Chromebook demand. This is the third consecutive month where notebook shipments were below expectations. We see this as another yellow flag and believe PC sales could cool off in 2H22 due to a reversion to the mean after two straight years of double digit growth."

For an analyst ratings summary and ratings history on Intel click here. For more ratings news on Intel click here.

Shares of Intel closed at $46.57 yesterday.

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