Intel slips as Citi stays cautious even as March notebook shipments top expectations
Justin Sullivan


Intel slipped fractionally in premarket trading on Tuesday as investment firm Citi stayed cautious on the semiconductor giant despite signs that the PC market is "stabilizing."
Analyst Christopher Danely pointed out that March notebook shipments were up 41% month-over-month, well above Citi's expectations due to new product launches and pull-in demand at the end of the quarter.

"As such, overall 1Q23 shipments were down 9% [quarter-over-quarter], well above seasonality and Citi forecast of down 15% [quarter-over-quarter]," Danely wrote in an investor note.
Looking to the second-quarter, Danely expects notebook shipments to rise 6% quarter-over-quarter, with expectations that the first-quarter will be the trough.
"We note this is third straight month of in line or better than expected notebook data, which could indicate the worst is over for the PC market," Danely added.
Despite that, Danely kept his neutral rating on Intel (NASDAQ:INTC) - and AMD (AMD) as well - on worries over weakness in the data center.
AMD (AMD) shares rose fractionally in premarket trading.
Earlier this month, investment firm Bernstein reluctantly upgraded Intel (INTC), citing the potential for improvements later in the year.