Citi Says 'March notebook shipments increased 44% MoM, well above our expectations of up 21% MoM' (AMD) (INTC)

Citi Says 'March notebook shipments increased 44% MoM, well above our expectations of up 21% MoM'

The analyst comments "March notebook shipments increased 44% MoM, well above our expectations of up 21% MoM due to pull-in demand and new model launches. Overall 1Q24 notebook shipments were down 5% QoQ, well above our expectations of down 12% QoQ and normal seasonality of down 17% QoQ. We believe the better-than-expected 1Q24 notebook sales are good news for both Intel and AMD and should result in upside to each company’s PC microprocessor sales during 1Q24. Carrie Liu, our notebook analyst, expects notebook shipments to increase 4% QoQ in 2Q24E, below normal seasonality of up 10% QoQ (see her note). We maintain our Buy rating on AMD given upside driven by AI and our Neutral rating on Intel given depressed margins driven by the companies ill-fated push into foundry."

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