Intel "above average," target price raised

24.12.07 - Caris & Company

NEW YORK, December 24 (newratings.com) - Analyst Daniel Berenbaum of Caris & Company maintains his "above average" rating on Intel Corporation (INTC), while raising his estimates for the company. The target price has been raised from $28 to $29.

In a research note published this morning, the analyst mentions that checks indicate that the above-seasonal robustness in PC-related ICs is likely to continue into 1Q08. Intel?s NOR spin-off has still not yet been finalized, the analyst says. Intel is likely to dispose a major chunk of its share in the NOR business in the longer term, which would be EPS accretive, Caris & Company adds. The EPS estimate for FY08 has been raised from $1.42 to $1.53.