** Bernstein cuts price targets on Intel INTC.O and AMD AMD.O, citing challenging market conditions
** Bernstein sees lack of a strong AI narrative for INTC; cuts PT to $21 form $25
** Brokerage is cautious about AMD due to potential impacts from China sanctions and aggressive competition from INTC; cuts PT to $95 from $125
** However, INTC and AMD shares are up about 1% premarket
** Last week, INTC sold majority stake in Altera chip business to private equity firm Silver Lake
** AMD said last week that it expects up to $800 million in charges due to new U.S. export curbs
** INTC and AMD set to report quarterly results on April 24 and May 6, respectively
** INTC down ~6% and AMD down 29% YTD vs ~25% decrease in Philadelphia SE Semiconductor Index .SOX
(Reporting by Rashika Singh)
((Rashika.Singh@thomsonreuters.com))
