Nomura Securities Maintains a 'Reduce' on Intel (INTC); 4Q Review

Nomura Securities maintains a 'Reduce' on Intel (NASDAQ: INTC) price target raised from $21 to $23.

Analyst, Romit Shah, said, "Intel deserves credit for a solid 2011, but we see the stock underperforming through the first half of this year. Headwinds in our opinion are aggressive full year targets, declining EBIT margins, and unfavorable comps. We are raising EPS from $0.47 to $0.49 in Q1 and from $2.10 to $2.28. Intel trades at 2.5x EV/Sales or at an 18% discount, roughly in-line with a 5-year average discount of 15%, and 11x CY12E EPS versus Microsoft (Nasdaq: MSFT) at 10x, Dell (Nasdaq: DELL) at 8x, and H-P (NYSE: HPQ) at 6.5x."

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 $25.63 yesterday.

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