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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...
© 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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29-03-2024 21:42:22 (UTC+7)

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EUR/USD

1.0796

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GBP/USD

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USD/JPY

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AUD/USD

0.6526

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USD/CAD

1.3547

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EUR/JPY

163.22

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EUR/CHF

0.9733

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Gold Futures

2,254.80

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Silver Futures

25.100

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Copper Futures

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86.99

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US Coffee C Futures

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Euro Stoxx 50

5,082.85

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S&P 500

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18,504.51

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16,541.42

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2,120.15

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BASF SE NA O.N.

52.930

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28.43

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Allianz SE VNA O.N.

277.80

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Adidas AG

207.00

+2.30 (+1.12%)

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Deutsche Lufthansa AG

7.281

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176.96

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14.582

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Sell (1)

    EUR/USD 1.0796 ↑ Sell  
    GBP/USD 1.2636 Neutral  
    USD/JPY 151.20 ↑ Buy  
    AUD/USD 0.6526 Sell  
    USD/CAD 1.3547 ↑ Buy  
    EUR/JPY 163.22 ↑ Buy  
    EUR/CHF 0.9733 Sell  
    Gold 2,254.80 Buy  
    Silver 25.100 ↑ Buy  
    Copper 4.0115 ↑ Buy  
    Crude Oil WTI 83.11 ↑ Buy  
    Brent Oil 86.99 Neutral  
    Natural Gas 1.752 ↑ Sell  
    US Coffee C 188.53 ↑ Sell  
    Euro Stoxx 50 5,082.85 ↑ Sell  
    S&P 500 5,254.35 ↑ Sell  
    DAX 18,504.51 ↑ Buy  
    FTSE 100 7,952.62 ↑ Sell  
    Hang Seng 16,541.42 Neutral  
    Small Cap 2000 2,120.15 Neutral  
    IBEX 35 11,074.60 ↑ Sell  
    BASF 52.930 ↑ Buy  
    Bayer 28.43 Buy  
    Allianz 277.80 ↑ Buy  
    Adidas 207.00 ↑ Buy  
    Lufthansa 7.281 ↑ Sell  
    Siemens AG 176.96 ↑ Buy  
    Deutsche Bank AG 14.582 ↑ Buy  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,910/ 8,080
(30/ 30) # 1,364
SJC HCM7,900/ 8,100
(0/ 0) # 1,384
SJC Hanoi7,900/ 8,102
(0/ 0) # 1,386
SJC Danang7,900/ 8,102
(0/ 0) # 1,386
SJC Nhatrang7,900/ 8,102
(0/ 0) # 1,386
SJC Cantho7,900/ 8,102
(0/ 0) # 1,386
Cập nhật 29-03-2024 21:42:24
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Cập nhật lúc 18:53:13 29/03/2024
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