Intel’s fourth-quarter earnings and poor outlook have analysts not too bullish on the stock, as they are surprised by the magnitude of the weakness in the quarter and expect the chip maker’s difficulties to continue in 2023. Simply: “It’s there,” Cowen analyst Matthew D. Ramsay wrote in the client’s notes. “You… It’s worse than fear.” Some analysts used stronger language as Intel fell 10% in pre-market trading to around $27 a share, extending its 42% drop from its most recent 52-week high. “There are no words that can describe or explain the historic collapse of Intel, with the management trying to blame the worst PC inventory digestion dynamics and the macro/China/company to more than 20% q/q decrease in sales,” wrote Hans Mosesmann of Rosenblatt, which rates stock a sell. Analysts at various banks cut their price targets after the company reported a decline in sales, revenue, profit, and quarterly and annual outlook. The company is struggling with declining demand for PCs and excess inventory. Here’s a review of Intel’s key call on Friday morning: Credit Suisse cut its price target to $25 from $28, citing a neutral rating. Goldman predicts 20% downside in the stock, reiterates sell rating. JPMorgan cut its price target to $28 from $32, citing an underweight rating. Mizuho cut its price target to $29 from $32, citing a neutral rating. Rosenblatt cut his price target to $17 from $20, maintaining a sell rating. Baird cut its price target to $32 from $34, maintaining its neutral rating. Wells Fargo cut its price target to $26 from $32, reiterating an equal weight rating. Barclays cut its price target to $27 from $30, maintaining an equal weight rating. Bernstein lowered his price target to $20 from $23, maintaining an underperform rating. Cowen cut its price target to $26 from $31, maintaining its market perform rating. Intel forecast just $11 billion in sales for the current quarter, down 40% from the same period a year ago. The company predicts a gross margin of just 34.1%, down from 55.2% a year ago. “While we are bracing for the weaker numbers, and have hit estimates in the preview, the weaker guidance size is quite surprising for us and the investors we talked to,” wrote Morgan “The good news here is that CQ1 is going bad, we believe that this is the bottom,” wrote UBS analyst Timothy Acuri. — CNBC’s Michael Bloom contributed to this report.