Pat Gelsinger, CEO, of Intel Corporation, testifies during the Senate Commerce, Science, and Transportation hearing on semiconductors titled Developing Next Generation Technology for Innovation, in Russell Senate Office Building on Wednesday, March 23, 2022.
Intel shares continued to slide on Friday, falling 10% in premarket trading, after the company reported dismal quarterly and full-year results.
The chipmaker's tepid quarterly numbers, with a 32% year-over-year revenue decline and a net loss of $664 million for the fourth quarter of 2022, took both analysts and investors by surprise.
Analysts did not mince words, cutting price targets almost across the board.
Rosenblatt maintained its sell rating for Intel and lowered its price target from $20 to $17.