Intel (INTC) is retreating after Citigroup and JP Morgan issued cautious notes about the chip maker earlier today. Citigroup analyst Glen Young reduced his first quarter and second quarter revenue estimates for the company below analysts' consensus outlook. Demand for PCs in China during the Chinese New Year was weak, and customers may avoid buying computers equipped with Intel's current Ivy Bridge chip ahead of the launch of the company's new Haswell architecture in coming months, added Young. The analyst trimmed his price target on the stock to $23 from $25 and maintained a Neutral rating. Meanwhile, JPMorgan analyst Christopher Danely wrote that data from Asian companies indicate that PC shipments will grow below normal seasonal levels this quarter. As a result, Danely believes that Intel's 2013 results may come in below its guidance and analysts' consensus estimates. He maintained a Neutral rating on the shares, which lost 0.7% to $21 in early trading.