Intel "buy," target price raised

18.10.07 - Davenport & Co.

NEW YORK, October 18 (newratings.com) - Analyst F Drake Johnstone of Davenport & Company maintains his "buy" rating on Intel Corporation (INTC), while raising his estimates for the company. The target price has been raised from $31 to $32.

In a research note published yesterday, the analyst mentions that the company has reported its 3Q net income and revenues ahead of the estimates and the consensus due to robust growth across all regions and improved customer demand. Intel is poised to benefit from the rapid shift in customer demand from desktops to laptops, the analyst says. The EPS estimates for FY07 and FY08 have been raised from $1.18 to $1.20 and from $1.49 to $1.51, respectively.