Intel "outperform," target price reduced

17.01.08 - Credit Suisse

NEW YORK, January 17 (newratings.com) - Analyst J Pitzer of Credit Suisse maintains his "outperform" rating on Intel Corp (INTC). The target price has been reduced from $35 to $30.

In a research note published this morning, the analyst mentions that the company has reported its 4Q operating EPS marginally ahead of the estimates. Intel?s revenues were marginally short of the estimates due to lower-than-expected NAND prices, the analyst says. Despite weakness in the NAND business, the company?s gross margins were ahead of the estimates and the consensus, Credit Suisse adds. Intel has guided to 1Q revenues of $9.4-$10.0 billion, short of the consensus, due to assumption of continued weakness in pricing in the flash memory market.