Intel (INTC) shares tumbled Friday after the company’s quarterly forecast missed expectations, despite stronger-than-expected results for the first quarter.

The stock slid about 7% to $19.98 in recent trading, and has lost over a third of its value in the past 12 months. (Read Investopedia’s live coverage of today’s market action here.)

Jefferies said, “there aren’t many bright spots to point to” for the struggling chipmaker, which is moving forward with a turnaround effort led by CEO Lip-Bu Tan, who took over in March. “It will take a long time for Lip-Bu to put his stamp on INTC,” the analysts said, adding “we’ll continue to sit on the sidelines until we have a better vision of the turnaround.” Jefferies maintained a “hold” rating and $23 price target for the stock. 

Tan said Thursday that “there are no quick fixes,” and that he is “taking swift actions to drive better execution and operational efficiency,” including plans to further trim Intel’s ranks.  

Bank of America analysts said they believe the new CEO is taking the “right actions.” However, the company’s large size, unprofitable foundry arm, and strong roster of competitors like Nvidia (NVDA) and Advanced Micro Devices (AMD) “make it tougher to turn things around in the next few years,” they said. The bank kept its “neutral” rating and $23 target, but lowered its earnings estimates for 2025 and 2026.

Citi and Wedbush analysts also issued neutral ratings, with price targets of $21 and $19, respectively.