Citi reiterates neutral ratings on Intel, AMD even as April notebook shipments fall
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Citi reiterated its neutral ratings on Intel (NASDAQ:INTC) and AMD (NASDAQ:AMD) on Monday as notebook shipments during April fell 24% month-over-month.
Analyst Christopher Danely noted the decline was "roughly in line with our expectation," citing the strong results in March. Citi expects April is likely to be the bottom for the second-quarter and that notebook shipments will rise 6% sequentially in the second-quarter. 
In addition, inventory issues are likely to be resolved during the period, even if demand is still uncertain, Danely added.
"We expect seasonal PC growth in [second-half of 2023], below Consensus expectations," Danely wrote in the investor note.
Intel (INTC) shares were fractionally higher in pre-market trading on Monday, while AMD (AMD) slipped by a similar amount.
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