Deutsche Bank analysts provided a review of Intel Corporation (NASDAQ:INTC) following their attendance at CES 2023. According to the analysts, the company reiterated its more cautious stance regarding the softening macro environment, with channel inventory now likely taking longer to burn than original expectations.

The company reiterated its estimate for PC shipments to be in the 270-295 million range in 2023, albeit with the analysts’ impression that the low end is increasingly likely. Beyond the near term, the company does believe that the PC market will normalize to a 300 million/year range going forward, above pre-pandemic levels but still below pandemic highs.

Because of this dynamic, the company also reiterated its view that Q1/23 revenues are likely to be no better than its typical seasonal 5-7% decline range, meaningfully below the Street estimate of a 2% decline.