Davenport Reiterates a 'Buy' on Intel (INTC); Recommends Purchasing Shares

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Davenport reiterates a 'Buy' on Intel Corporation (NASDAQ: INTC), raises price target from $27 to $29.

Davenport analyst says, "While consumer demand is the key driver of near-term PC demand, enterprise spending should improve in 2010. Based on its discussions with large enterprises, Intel believes that they are likely to upgrade to Windows 7, Microsoft’s new operating system, in 2010. Intel provided Q-4 09 revenue guidance of $10.1 billion, +/- $400 million, with the mid-point of this range $590 million ahead of the consensus estimate. We raised our Q-4 09 revenue estimate from $9 billion to $10.1 billion, representing 23% year-over-year and 7.6% sequential growth (inline with historical seasonality). We increased our fiscal 2009, 2010, and 2011 revenue estimates to $34.7 billion, (-7.6% year-over-year), $38.1 billion (+10% year-over-year), and $41.2 billion (+8% year-over-year). The consensus analyst 2009 and 2010 revenue estimates are $33.72 billion, and $36.88 billion, respectively. We raised Intel’s Q-4 09, 2009, 2010, and 2011 operating EPS estimates from $0.29, $0.88, $1.26, and $1.48, respectively, to $0.45 ($0.11 ahead of the consensus estimate), $1.07, $1.47, and $1.70, respectively."

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Intel Corporation designs, manufactures, and sells integrated circuits for computing and communications industries worldwide.