Citi Reiterates Neutral Rating on Intel (INTC)

Citi analyst Christopher Danely reiterated a Neutral rating and $25.50 price target on Intel (NASDAQ: INTC).

"February notebook shipments were up 5% MoM, broadly in line with Citi’s expectation. Carrie Liu, our notebook analyst, maintained her forecast for 1Q23 notebook shipments to decline 15% QoQ and expects 1Q23 to mark the trough. Citi now expects global PC shipments to decline 12% YoY, back to pre-pandemic levels given continued inventory digestion and the recession. We reiterate our Neutral ratings on Intel and AMD, as we expect the data center downturn to negatively impact both, and our estimates remain below Consensus."

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 $26.95 yesterday.

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