NewsIntel "above average," target price reduced
16.01.08 - Caris & Company
NEW YORK, January 16 (newratings.com) - Analyst Daniel Berenbaum of Caris & Company maintains his "above average" rating on Intel Corp (INTC), while reducing his estimates for the company. The target price has been reduced from $29 to $24.
In a research note published this morning, the analyst mentions that the company?s guidance for the current quarter indicates weakness in the core microprocessor business. Intel is likely to post lower revenues and its planned NOR divestiture is expected to be less accretive than previously expected, the analyst says. The company is unlikely to be able to easily achieve further gross margin expansion in the near future, the analyst adds. The EPS estimates for FY08 and FY09 have been reduced from $1.53 to $1.35 and from $1.71 to $1.55, respectively.