Citi Reiterated Neutral Rating On Intel, AMD - Read Why - Intel (NASDAQ:INTC), Advanced Micro Devices (NASDAQ:AMD)

Citi analysts Christopher Danely and Kelsey Chia observed that May notebook shipments were up 22% month on month, below Citi's expectation of up 29% due to demand deceleration.
This is the fifth consecutive month where notebook shipments were below expectations.
Carrie Liu, Citi's Taiwan notebook analyst, lowered 2Q22E notebook shipments from down 3% Q/Q to down 11% Q/Q, well below seasonality of up 5%-10% Q/Q.
The new forecast implies a 13% Y/Y decline for 1H22E.
Citi reiterated Neutral ratings on Intel Corp INTC and Advanced Micro Devices, Inc AMD as they expected a contraction in the PC market to impact both negatively.
Price Action: INTC shares traded lower by 2.29% at $38.28 on the last check Monday.