Nomura Securities Maintains a 'Reduce' on Intel (INTC); Q4 Earnings Preview

Nomura Securities maintains a 'Reduce' on Intel (NASDAQ: INTC) price target of $21.00.

Analyst, Romit Shah, said, "Intel will report 4Q11 results after the market close on Thursday, Jan 19. We expect results to be in line with the revised guidance on Dec 12. We are estimating revenue and EPS of $13.7bn/$0.61 vs. consensus of $13.8bn/$0.62. Intel has held up well since negatively pre-announcing results on Dec 12. That said, we expect Street estimates to continue to decline over the next two quarters due to weak PC demand, lower utilization, and ASP pressure. The stock is not expensive at 12x our CY12 estimate of $2.10, but we believe Street estimates are disproportionately at risk (down less than 10% from the peak) relative to the rest of our coverage universe (down close to 30%)."

For an analyst ratings summary and ratings history on Intel click here. For more ratings news on Intel click here.

Shares of Intel closed at $25.04 yesterday.

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