Broadpoint.AmTech Maintains a 'Buy' on Intel (INTC); Adjusts Price Target & Estimates
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Broadpoint.AmTech maintains a 'Buy' on Intel Corp. (Nasdaq: INTC), raises price target $1 to $19.
Broadpoint analyst says, "Our recent Asia trip read-throughs include checks on how Q2 finished and an update on Intel's CULV CPUs for thin and light notebooks. Our take-aways are as follows: Strong Q2 recovery, below-seasonal Q3: We are raising our above-Street Q2 sales estimates as shipments recovered faster toward end-demand levels and mix shows signs of improvement, although below-seasonal Q3 growth seems likely ahead of the Win7 release. Weak CULV traction at OEMs...CULV is not receiving consistent support from or traction at OEMs, which could be a headwind to 2H09 gross margins. Our checks indicate case-cracking in early production units, which could result in slower ramps as redesigns increase use of metal cases and platform cost...Though eventual adoption likely: As some OEMs do not embrace CULV (opting instead for 12" Ion+Atom solutions), we anticipate possible MDF reductions (and lower operating expenses), which could offset any gross margin impact on EPS...NAND provides some gross margin offset.
"Our June GAAP estimates now include an escrow payment for the $1.5B (or $0.27/share impact) European Union fine. Without the EU fine, our June estimates actually would increase to $0.11 from $0.08...We believe FY10 EPS estimates are sensitive to top-line growth through a Windows7-driven upgrade cycle, a recovery in enterprise IT spending, eventual penetration of CULV, and possible introduction of carrier-subsidized handheld products."
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Intel Corporation is a semiconductor chip maker. The Company is engaged in developing advanced integrated digital technology products, primarily integrated circuits, for industries, such as computing and communications.
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