Intel's (INTC) latest quarterly results and forward guidance followed a familiar pattern Thursday night: moderately better-than-expected revenue and earnings during its just-completed Q1 and a below-consensus forecast for the current quarter and beyond, analysts at Wedbush said on Friday in a new research note.

The restrained commentary by Intel executives during the chipmaker's post-Q1 conference call could merely reflect management's conservative approach, according to the Wedbush analysts. Instead, coupled with its weaker Q1 performance compared with year-ago levels, the cautious outlook more likely suggests Intel may be losing market share to rivals such as Advanced Micro Devices (AMD), they said.

The Wedbush analysts said the lack of visibility is understandable given the "vagaries" of US policy at this time. The prospect of tariffs likely is pulling demand into the current quarter, they said, as customers build up their component inventories to avoid the full impact of import duties taking effect in a few months.

But the Wedbush analysts also said they continue to believe Intel's future success is more closely aligned with its execution adopting its new 18a manufacturing technology rather than current market dynamics. "In our view, while (Q1) earnings were disappointing, little has changed with Intel story," they concluded, reiterating their neutral stock rating and a $19 price target for Intel shares.

Intel shares were down more than 7% in recent trading, paring a 10% decline earlier on Friday.

Price: 19.92, Change: -1.58, Percent Change: -7.33