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The overall environment for memory and other chips is still proving challenging for Intel (INTC) - Get Intel Corporation (INTC) Report , which just saw several analysts cut price targets after the company issued disappointing guidance in its first-quarter earnings report on Thursday after the close. 

The stock was falling 10.19% to $51.74 a share in early trading on Friday, despite the company's earnings and revenue beat announced after the close on Thursday. 

Management guided

 for non-GAAP EPS of $4.35 for all of 2019, after having guided for $4.60 previously, while analysts were looking for the guidance of $4.50. And the chip giant guided for $69 billion of revenue for the year, short of analyst's expectations of $71.04 billion. 

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Here's what analysts had to say:

Stifel, Hold, Price Target Lowered From $50 to $47

"Server CPU unit shipments are now expected to be lower for the 2019 than management estimated in January," wrote analyst Kevin Cassidy in a note out Thursday evening. "While Enterprise and government demand is lower, management pointed to Chinese Cloud server providers as carrying high inventory." Inventory excesses have pressured chip pricing of late. "At issue is lower server CPU revenue which weighs on profitability for the year," Cassidy said. Plus, "AMD (AMD) - Get Advanced Micro Devices, Inc. Report [has] more of an opportunity to compete for market share as their products are generally lower cost." 

Morgan Stanley, Overweight, Price Target Lowered From $64 to $63

"The environment is worse than our below-consensus numbers, as industry conditions are tough - and we remain cautious on the group," wrote analyst Joseph Moore in a note out Friday morning. "Revenues were driven lower by data center weakness, as China headwinds and customer inventory digestion added to the softness." 

Deutsche Bank, Buy, Price Target Lowered From $65 to $62

"Cyclical headwinds persist," analyst Ross Seymore wrote in a note. "The company reduced its 2Q and 2019 guidance based on macro dynamics (inventory burn, China, NAND pricing, etc) which once again impacted INTC's guidance." Still, "INTC has a number of company-specific drivers that can bolster a still required improved macro environment, including new 10nm/14nm PC supply, a wide array of new product launches (Ice Lake, Cascade Lake, Snow Ridge, etc), and a full year of higher modem share," Seymore said. 

BMO Capital Markets, Outperform, PT $68

BMO analyst Ambrish Srivastava didn't lower his price target, but he did reduce EPS estimates for 2019 and 2020 to $4.14 and $4.60, respectively, down from an initial forecast of $4.35 and $4.70. He kept his 2020 expected earnings multiple at 13 times, however. "The company noted that GM [gross margin] will be affected by the continued ramp of 10nm, adverse NAND pricing, and lower revenue," Srivasta said. 

JPMorgan, Overweight, PT $64

"With a weaker start to the year, especially in 2Q, where data center spending remains weak (primarily China), Intel lowered its 2019 revenue view from $71.5B to $69.0B," wrote analyst Harlan Sur. Still, "While investors may be skeptical, the team's visibility toward 2H inflections is improving with inventory in China being consumed, hyperscale cloud spending build plans becoming clearer and supported by a strong upgrade cycle of Cascade Lake product." 

Related.Tempered 2019 Outlook Tanks Intel Stock