Citi Cautious on Intel (INTC): 'we expect the PC downturn to negatively impact both and our estimates remain below Consensus'

Citi analyst Christopher Danely reiterated a Neutral rating and $27.00 price target on Intel (NASDAQ: INTC).

The analyst comments "December notebook shipments were up 1% MoM, 5% below Citi’s expectation due to continued inventory digestion and demand deterioration. Overall 4Q22 shipments were down 16% QoQ, 2% below Citi’s forecast. Carrie Liu, our notebook analyst, expects 1Q23 notebook shipment of down 20% QoQ, roughly in line with seasonality (see: note). We expect notebook shipments to continue declining in 2023 given the inventory build and recession. Citi expects global PC shipments to be down 6% YoY. We reiterate our Neutral ratings on Intel and AMD as we expect the PC 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 $29.31 yesterday.

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