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Three major tech players may be hurting today, as Citi (NYSE:C) lets loose a barrage of downgrades. Intel (NASDAQ:INTC), AMD (NYSE:AMD), and Marvell (NASDAQ:MRVL) were all downgraded from Buy to Neutral, and have fallen in the pre-market. Concerns about weak personal computing demands have been mounting for a while. “Robbed of catalysts,” says Citigroup analyst Glen Yeung, “we see limited likelihood PC-related shares will appreciate meaningfully in the coming months, despite valuations.”
Intel took a hit recently after posting weak expectations for third-quarter revenue. The company also points toward PC demand, particularly in emerging markets. Asia is the fastest growing market for the technology offered by all three companies, and according to Yeung, “our downgrade today reflects our checks in Asia.”
Intel has fought against this gloomy outlook, recently announcing new tech at its annual Developer Forum. A sleek new processor along with gesture and voice recognition that compliments the incoming Microsoft (NASDAQ:MSFT) Windows 8 platform was meant to lure back investors. In light of the downgrade, Intel is going to need to up their game if it wants to win back a Buy rating.
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