Broadpoint.AmTech Reiterates a 'Buy' on Intel Corp. (INTC); Raises Revenue Estimates

December 28, 2009 11:27 AM EST
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Broadpoint.AmTech reiterates a 'Buy' on Intel Corp. (Nasdaq: INTC), price target $29.

Broadpoint analyst says, "Our call that INTC is the best value in semis is predicated on stronger than expected earnings driven by strength in server and notebook markets, concurrent with concerns about FTC actions becoming better understood as the legal process enters the public domain...Increasing revenue estimates on stronger than seasonal 4Q09 and 1Q10: We are increasing our revenue to $10.47B from 10.14B, which is just inside the upper-end of management's 10.1B +/- 0.4B guidance. Our increased confidence is a result of checks indicating strength in server and notebook markets (+14% and 15% q/q, respectively, up from 8% and 10%) with increasing and stable ASPs...Updating numbers for AMD settlement and FTC legal cost: We have increased 4Q09 SG&A $1.25B and reduced the tax rate to 20% (down from 27%), in-line with INTC's revised guidance. We have also increased ongoing SG&A cost by approximately $10M/quarter to account for FTC legal actions."

To see all the upgrades/downgrades on shares of INTC, visit our Analyst Ratings page.

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