Barclays Maintains an 'Overweight' on Intel (INTC); Lowers 4Q Outlook on HDD Shortages - Not a Big Surprise

Barclays maintains an 'Overweight' on Intel (NASDAQ: INTC) price target of $26.00.

Barclays analyst says, "While we don't view Intel's pre-announcement as a huge surprise given widely understood HDD shortages, we recognize the magnitude of the impact was a bit worse than expected. We continue to like shares on relative valuation (9.7x our new CY12 EPS estimate), dividend support (3.5% yield), and server/data center leverage, but do recognize that shares are likely range-bound $23-25 over the near-term."

"We now model CY11 sales/GAAP EPS of $53.8B/$2.36 (old $54.7B/$2.44, cons $54.7B/$2.45) and CY12 $55.2B/$2.45 (old $56.1B/$2.50, cons $57.4B/$2.56)."

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 $24.00 yesterday.

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