Analysts are downgrading Intel as shares plunge: 'No viable roadmap to remain competitive'

Intel logo exhibited during the Mobile World Congress, on February 28, 2019 in Barcelona, Spain.
Joan Cros | NurPhoto | Getty Images

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Intel shares were hit hard after the company's second quarter report, suffering a slew of downgrades from Wall Street as analysts raised concern about delays of the company's new chips.

The stock fell more than 16% in the session after the earnings report, which saw Intel beat estimates on the top and bottom lines, but the chipmaker's gross margin contracted and its forward earnings guidance was weaker than expected

One of the main concerns raised by analysts was delays, with Intel saying the timing of its 7-nanometer CPU product is "is shifting approximately six months relative to prior expectations."