Intel Corporation (NASDAQ:INTC) shares lost more than 22% since the start of the year. Analysts at Oppenheimer provided a review on the company following press coverage and commentary from management highlighting incremental headwinds since the company reported on April 28th.

The company’s Q2 revenue/EPS outlook of $18 billion/$0.70 were 2%/13% below the Street estimate reflecting weaker PC, matched-set bottlenecks and channel inventory digestion. These issues continue to weigh.

The analysts expect CCG to be challenged this year by a declining PC market compounded by share/ASP pressure. Prolonged COVID lockdowns in China and inflationary pressures are added headwinds.