Intel "buy," target price reduced

13.11.08 - Davenport & Co.

NEW YORK, November 13 (newratings.com) - Analysts at Davenport & Company maintain their "buy" rating on Intel Corporation (INTC), while reducing their estimates for the company. The target price has been reduced from $25 to $22.

In a research note published this morning, the analysts mention that global information technology spending is expected to remain flat or to decline in 2009. Intel?s CEO has recently indicated that the current economic downturn is worse than expected. The GAAP EPS estimates for 2008 and 2009 have been reduced from $1.24 to $1.20 and from $1.43 to $1.18, respectively.