As previously reported, Northland analyst Gus Richard downgraded Intel (INTC) to Underperform from Market Perform after cutting his estimates for calendar year 2019 given his view that trade tensions caused companies to pull in demand to beat the expected increase in tariffs. With a 90 day reprieve to the tariff increase plans, he thinks the channel will rethink inventory levels and likely slow ordering. Additionally, AMD (AMD) has taken share in desktop, notebook and increasingly in the server market as its product offerings continue to improve, Richard noted. He also continues to be more pessimistic about Intel’s gross margins as its competitive position is eroding, the analyst added. Richard lowered his price target on Intel shares to $42 from $46.