- 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
