Intel bear case taking shape sooner than expected, says Citi

At a conference yesterday, Intel appeared to talk down the quarter as management mentioned that circumstances are worse than expected during the quarter due to reduced inventory level at customers and delays in normalization post COVID lockdowns in China, Citi analyst Christopher Danely tells investors in a research note. The analyst now expects Intel to negatively pre-announce or miss Q2 guidance and he lowered estimates accordingly. The bear case for Intel is taking shape earlier than expected, says Danely, who keeps a Neutral rating on the shares with a $45 price target.