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• At a competitor conference on June 7, Intel Corp (NASDAQ:INTC) appeared to talk down the quarter as company management mentioned that circumstances were worse than expected during the quarter due to reduced inventory levels at customers and delays in normalization post-COVID lockdowns in China.
• Previously, Citi published multiple updates on flagging PC sales and lowering estimates on Intel earlier this week.
• Citi expected Intel to negatively pre-announce or miss 2Q22 guidance and lowered estimates accordingly. 
• Citi maintained its Street-low 2023 EPS of $1.55 or a YoY decline of 34% and reiterated its Neutral rating. 
• The bear case for Intel is taking shape earlier than expected, said Citi, which had a $45 price target.
• Price Action: INTC shares traded lower by 5.02% at $41.35 on the last check Wednesday.