Intel’s disappointing fourth-quarter earnings and poor outlook have analysts extremely bearish on the stock, as they were puzzled by the magnitude of the weakness in the quarter and expect the chipmaker’s troubles to continue into 2023. Simply put: “It was really something,” Cowen analyst Matthew Ramsay wrote in a client note. “Somehow… it was worse than I feared.” Some analysts used even stronger language as Intel fell 10% in premarket trading to about $27 per share, a 42% decline from its recent 52-week high. Rosenblatt’s Hans Mosseman wrote, “No words can depict or explain Intel’s historic collapse, with management dealing with the worst-ever PC inventory digestion dynamic and a more than 20% q/q drop in sales to macro/China/enterprise.” Trying to assign blame.” who rates the stock as a sell. Analysts at various banks cut their price targets after the company reported quarterly and annual declines in its sales, profit, gross margin and outlook. The company has been grappling with falling demand for PCs and a resulting glut of inventory. Here’s a review of the key Intel call on Friday morning: Credit Suisse slashes price target to $25 from $28, reiterates neutral rating. Goldman predicts a 20% decline in the stock, reiterates Sell rating. JPMorgan lowered the price target to $28 from $32, reiterating the underweight rating. Mizuho lowered the price target to $29 from $32, reiterating neutral rating. Rosenblatt lowered the price target to $17 from $20, maintaining a Sell rating. Baird lowered the price target to $32 from $34, maintaining a neutral rating. Wells Fargo lowered the price target to $26 from $32, reiterated the same weight rating. Barclays has lowered the price target to $27 from $30, maintains an equal weight rating. Bernstein lowered the price target to $20 from $23, maintaining an Underperform rating. Cowen lowered the price target to $26 from $31, maintaining a market perform rating. Intel forecast $11 billion in sales for the current quarter, down 40% from the same period a year ago. The company estimates gross margin will be just 34.1%, up from 55.2% a year ago. Morgan wrote, “While we were prepared for a weak number, and had cut estimates in our preview, the magnitude of the weak guidance was quite surprising to both us and the investors we talked to.” UBS analyst Timothy Accuri wrote, “The good news here is that CQ1 is bad enough that we believe it is bottoming out.” —Michael Bloom of CNBC contributed to this report.