Intel Hit With Downgrade

FBR also cuts its target price on the stock to $23 from $31.
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Intel

(INTC) - Get Report

was slapped with a downgrade Friday by Friedman Billings Ramsey, which also slashed its price target on the chip giant.

FBR cut its rating on Intel to market perform from outperform and lowered its price target on the company's shares to $23 from $31.

The firm said it believes the order cancellations that started at the end of the fourth quarter have continued into the first quarter and that pricing pressure in the chip market probably won't end anytime soon.

Shares of Intel were edging down 8 cents to $20.21 in premarket trading.