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Benzinga
Benzinga
Business
Anusuya Lahiri

Yet Another Analyst Sees Slowdown In PC Shipment Causing Headwind For Intel

Christopher Danely Citi Intel Corporation Nasdaq
  • Citi analyst Christopher Danely saw Intel Corp (NASDAQ:INTC) 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% upside).
  • Danely observed that March notebook shipments were up 33% month-over-month, missing the targeted 42% growth.
  • Also Read: Dell, HP Shares Hit By Growth Concerns: Bloomberg
  • For Q1, shipments fell 20% quarter-over-quarter, missing the 18% 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.
  • Price Action: INTC shares traded lower by 0.19% at $46.48 on the last check Tuesday.
  • Photo via Wikimedia Commons
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