Broadpoint.Amtech Maintains a 'Buy' on Intel (INTC); Record EPS in 2010 is Possible
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Broadpoint.Amtech maintains a 'Buy' on Intel Corp (Nasdaq: INTC), raises price target to $29 from $25.
Broadpoint analyst says, "We continue to be bullish on margins as a result of: 1) improving server MPU mix (early- to mid-FY10); 2) upcoming integrations of chipset functions in CPU; and 3) likelihood of NAND profitability...For the quarter, COGS were flat (as revenue grew 17%), operating expenses as a percentage of revenue were down to 29% (vs. 32% in the June quarter), inventories declined 11% and capex was down to $944M (vs. ~1.3B run-rate through FY08). We feel these improvements are likely to continue given: 1) declining capex costs on 300mm migrations; 2) improving FCF (capex now lower than depreciation), and 3) continued operating expense leverage (likely to 27% from 29% in the September quarter)...While we recognize that Intel is on the cusp of a robust product cycle, driven by new initiatives and a strong PC upgrade cycle heading into FY10, we believe that FY11 will reflect further demand and margin leverage as cost structure remains disciplined and as FY11 will more likely reflect a full-year of an improving enterprise (client and server) adoption cycle."
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Intel Corporation designs, manufactures, and sells integrated circuits for computing and communications industries worldwide.
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