Seeing "no easy fix" for the manufacturing/competitive headwinds, BofA downgrades Intel (NASDAQ:INTC) from Neutral to Underperform and lowers the price objective from $60 to $45.Analyst Vivek Arya says yesterday's earnings results showed three structural issues: "1) No plan/update to fix manufacturing challenges at next-gen 7nm, with continued low yields at current-gen 10nm process; 2) Mix pressure as demand moves to more competitive cloud/consumer markets away from INTC’s profitable enterprise PC/server markets (data center missed Q3 by 4%, down 8% YoY, plus 10nm Ice Lake server pushed out to Q1); 3) increasing competition from faster, nimbler fabless competitors such as NVDA, AMD, ARM-based suppliers and others that are able to take advantage of the foundry ecosystem."Arya praises Intel's "portfolio breadth" and balance sheet but thinks the shaky roadmap execution could continue to threaten INTC's 80-85% value share of the PC/data center markets and pressure EPS growth.BofA lowers its…