Collins Stewart Starts Intel (INTC) at Buy

September 4, 2008 10:56 AM EDT
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Collins Stewart initiates coverage on Intel (Nasdaq: INTC) with a Buy rating and $28 price target, saying strength in notebooks and low cost PCs could offset sluggish IT environment.

Collins Stewart said they believe Intel can sustain revenue growth in the high single digit. They also said leverage, with potential for operating margins to exceed 30%, should drive earnings upside.

Commenting on the quarter, the firm said while September in back end loaded, their checks indicate that Intel should be able to report at the mid-point of revenue ($10.3 billion) and gross margin (58%) guidance. They said incremental revenues from Atom should offset any weakness in NAND Flash.

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