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  4. "More Downside to Go" for Intel and AMD on PC Weakness – Citi
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"More Downside to Go" for Intel and AMD on PC Weakness – Citi

By Vlad Schepkov A Citi analyst maintained a cautious tone on Intel (NASDAQ:INTC) and AMD (NASDAQ:AMD) due to "the downturn in the PC market," as he kept both chip giants rated...
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© Reuters. “More Downside to Go” for Intel (INTC) and AMD (AMD) on PC Weakness – Citi

By Vlad Schepkov

A Citi analyst maintained a cautious tone on Intel (NASDAQ:INTC) and AMD (NASDAQ:AMD) due to "the downturn in the PC market," as he kept both chip giants rated "Neutral."

In his most recent update on the two companies, the analyst cites the latest reading showing “July notebook shipments were down 15% MoM” – a data point confirming a weakening macro environment and supporting a negative outlook.

Citi is now "forecasting 7% QoQ growth in 4Q22, implying a 17% YoY decline in notebook shipments" and models the drop in demand "to persist into 2023," which leads the analyst to believe "there is more downside to Consensus."

He thus expects “the downturn in the PC market to negatively impact both” and keeps "estimates on both below Consensus," maintaining a "Neutral" rating on the names.

AMD and Intel have both been notable large-cap underperformers through 2022 – the shares are down 33% and 32% YTD respectively vs a 21% drop in the Nasdaq 100 commonly known as "technology index," and just a 10% loss for the broader S&P 500 index.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

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Moving Avg:

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Sell (12)

Indicators:

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Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

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Moving Avg:

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Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

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↑ Buy

Moving Avg:

Buy (12)

Sell (0)

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Buy (9)

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AUD/USD

0.6469

-0.0003 (-0.05%)

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Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

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USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

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EUR/JPY

168.32

+0.10 (+0.06%)

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↑ Buy

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Buy (12)

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EUR/CHF

0.9808

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Gold Futures

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Silver Futures

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Copper Futures

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Crude Oil WTI Futures

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Brent Oil Futures

85.62

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Euro Stoxx 50

4,920.55

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S&P 500

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DAX

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FTSE 100

8,144.13

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Hang Seng

17,763.03

+16.12 (+0.09%)

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Buy (0)

Sell (12)

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Buy (1)

Sell (6)

US Small Cap 2000

1,973.05

-42.98 (-2.13%)

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Sell (7)

IBEX 35

10,854.40

-246.40 (-2.22%)

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BASF SE NA O.N.

49.155

+0.100 (+0.20%)

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Bayer AG NA

27.35

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Allianz SE VNA O.N.

266.60

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Moving Avg:

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Sell (5)

Adidas AG

226.40

-5.90 (-2.54%)

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Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (7)

Deutsche Lufthansa AG

6.714

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Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

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Buy (9)

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Siemens AG Class N

175.90

-1.74 (-0.98%)

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Deutsche Bank AG

15.010

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Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (6)

Sell (2)

    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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