Citi analyst Christopher Danely saw Intel Corp. experience some headwinds as PC shipments fell below Citi’s estimates.
Danely had a Neutral rating and a $55 price target on Intel (18.1 percent upside).
Danely observed that March notebook shipments were up 33 percent month-over-month, missing the targeted 42 percent growth.
For Q1, shipments fell 20 percent quarter-over-quarter, missing the 18 percent decline the bank was expecting.
Danely saw PC sales cool off in the second half of 2022 due to a reversion to the mean after two straight years of double-digit growth.
Any rebound was short-lived as the consumer market decelerated amid the Ukraine crisis, China’s Covid resurgence.
Truist recently slashed its price targets on the chipmakers for similar reasons.
