HSBC analyst Frank Lee initiated coverage of Intel with a Reduce rating and $23 price target. Despite a strategy reboot, the outlook for the the tech giant that “lost its way in recent years” remains challenging and its “struggles look set to continue,” Lee tells investors. The company has been losing market share in chips for personal computers and central processing units since 2018 and he thinks this trend will continue, Lee said. He has lowered his forecast for the adoption rate for Intel’s server CPU platform, Sapphire Rapids, twice since Q4 of 2021 and now expects it to reach just 48% by the end of 2023, down from an earlier forecast of 60%, Lee added.