Intel tumbles on downbeat Q3 revenue forecast, dividend suspension
** Shares of chipmaker Intel INTC.O plummet 21.7% to $22.75 premarket
** Stock set to erasenearly $25 bln in market value, on track for worst selloff since 2000 if losses hold
** Co forecasts Q3 revenue between $12.5-$13.5 bln, compared to analysts' average estimate of $14.35 bln - LSEG data
** Also plans to cut over 15% of its workforce and suspend dividend from Q4
** At least five brokerages cut their PT on the stock
** Morgan Stanley says report not entirely surprising for a slower-growth company, view cost cuts as co reconciling with pressures; cuts PT to $25 from $36
** Bernstein says co's 2H recovery looks more muted than prior expectations; cost reduction plan in response to its issues breaking through to forefront
** Bernstein trims PT to $25 from $35
** Average rating of 44 brokerages is a "hold", median PT at $34 - LSEG data
** Stock down over 40% YTD, vs a over 16% gain in the Philadelphia SE Semiconductor Index .SOX
Reporting by Purvi Agarwal in Bengaluru
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