Needham & Company maintains a 'Buy' on Intel (INTC); Reducing Our Estimates Ahead of a Below Seasonal PC Market In 2H11
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Price: $102.50 -1.97%
Rating Summary:
24 Buy, 39 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
24 Buy, 39 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company maintains a 'Buy' on Intel (NASDAQ: INTC), PT lowered by $1 to $25.
Needham analyst says, "In coordination with our industry report, Summer Earnings Preview: Wait For the Event, Then Buy The News, we are lowering our estimates on INTC as we now anticipate a below-seasonal 2H11 for PCs. We believe rapid growth and increasing PC penetration rates in emerging markets will not be sufficient to offset sluggish consumer spending and increased tablet adoption in developed markets. While we expect Intel will grow faster than the total PC market in 2011, a much better than seasonal 1H11 driven by the ramp of Sandy Bridge will likely be followed by below seasonal unit growth in 2H11. We expect the company’s data center group to remain strong. Because we are lowering our estimates, we would be cautious on Intel heading into its earnings on 7/20 and would be buyers following the report." (FY12 EPS estimate lowered from $2.50 to $2.40 and FY revenues lowered from $56.8B to $55.7B)
For more ratings news on Intel click here and for the rating history of Intel click here.
Shares of Intel closed at $22.27 yesterday.
Needham analyst says, "In coordination with our industry report, Summer Earnings Preview: Wait For the Event, Then Buy The News, we are lowering our estimates on INTC as we now anticipate a below-seasonal 2H11 for PCs. We believe rapid growth and increasing PC penetration rates in emerging markets will not be sufficient to offset sluggish consumer spending and increased tablet adoption in developed markets. While we expect Intel will grow faster than the total PC market in 2011, a much better than seasonal 1H11 driven by the ramp of Sandy Bridge will likely be followed by below seasonal unit growth in 2H11. We expect the company’s data center group to remain strong. Because we are lowering our estimates, we would be cautious on Intel heading into its earnings on 7/20 and would be buyers following the report." (FY12 EPS estimate lowered from $2.50 to $2.40 and FY revenues lowered from $56.8B to $55.7B)
For more ratings news on Intel click here and for the rating history of Intel click here.
Shares of Intel closed at $22.27 yesterday.
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