Intel (INTC) Bullish Stance Reiterated at Jefferies Post Q4; Estimates Trimmed

Jefferies analyst Mark Lipacis reiterated a Buy rating and $45 price target on Intel (NASDAQ: INTC) following Q3 results after the close, saying the company's manufacturing leadership is just starting to manifest in the model.

Lipacis commented, "INTC posted 3Q results that support our thesis that its manufacturing leadership will translate to higher share, profits and cash flow. Intel gross/op margins have improved by 900/1,000bps since 1Q13, as it ramped shipments of the industry's first 22nm FinFET MPUs and has emerged as the leading merchant supplier of tablet MPUs. We think it gets better in '15 as it ships its 2nd gen 14nm FinFET MPUs. For 2016, our EPS base case is $3, and our bull case is $4."

The firm trimmed FY 2014 EPS from $2.28 to $2.24 and FY 2015 EPS from $2.87 to $2.70.

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 $32.14 yesterday.

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