Needham & Company Maintains a 'Buy' on Intel (INTC); Posts Another Record Quarter on the Strength of its PC Client Business
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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) price target raised $1 to $26.00.
Needham analyst says, "Intel reported yet another beat and raise quarter driven by strength in its PC Client business. Business trends experienced in 1H11 continued to play out in 3Q11 with strength in the emerging markets and enterprise segments offsetting sluggish consumer demand in North America and Europe. Intel saw particular strength in the notebook market in 3Q11. As a result of its manufacturing leadership position, Intel believes it gained microprocessor revenue share in 3Q11 as AMD (NYSE: AMD) (Not/Rated) experienced manufacturing issues at one of its foundry partners. Though Intel guided 4Q11 sales above consensus estimates, 4Q11 sales growth is expected to be below seasonal patterns. On a positive note, Data Center revenue, which only grew 3% Q/Q in 3Q11, should benefit in 4Q11 from the volume ramp of Romley microprocessors. With business fundamentals exceeding expectations, we are raising our forward estimates and increasing our 12-month price target."
"We have increased our 2011 and 2012 revenue/GAAP EPS estimates to $54.7bn/$2.44 (from $53.9bn/$2.37) and $58.0bn/$2.60 (from $57.1bn/$2.50), respectively."
For more ratings news on Intel click here and for the rating history of Intel click here.
Shares of Intel closed at $23.40 yesterday.
Needham analyst says, "Intel reported yet another beat and raise quarter driven by strength in its PC Client business. Business trends experienced in 1H11 continued to play out in 3Q11 with strength in the emerging markets and enterprise segments offsetting sluggish consumer demand in North America and Europe. Intel saw particular strength in the notebook market in 3Q11. As a result of its manufacturing leadership position, Intel believes it gained microprocessor revenue share in 3Q11 as AMD (NYSE: AMD) (Not/Rated) experienced manufacturing issues at one of its foundry partners. Though Intel guided 4Q11 sales above consensus estimates, 4Q11 sales growth is expected to be below seasonal patterns. On a positive note, Data Center revenue, which only grew 3% Q/Q in 3Q11, should benefit in 4Q11 from the volume ramp of Romley microprocessors. With business fundamentals exceeding expectations, we are raising our forward estimates and increasing our 12-month price target."
"We have increased our 2011 and 2012 revenue/GAAP EPS estimates to $54.7bn/$2.44 (from $53.9bn/$2.37) and $58.0bn/$2.60 (from $57.1bn/$2.50), respectively."
For more ratings news on Intel click here and for the rating history of Intel click here.
Shares of Intel closed at $23.40 yesterday.
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