Intel "neutral," target price reduced

03.12.08 - Robert W. Baird

NEW YORK, December 3 (newratings.com) - Analysts at Robert W Baird reiterate their "neutral" rating on Intel Corporation (INTC), while reducing their estimates for the company. The target price has been reduced from $14 to $11.

In a research note published this morning, the analysts mention that checks suggest that demand has worsened since the company?s guidance cut for 4Q. Asia datapoints indicate Intel?s notebook revenues fell 15% short of the expectations for November, with another 20% shortfall likely in December, the analysts say. The company?s revenues are likely to decline by 15% sequentially in the December and March quarter, Robert W Baird adds. The EPS estimates for FY08 and FY09 have been reduced from $1.10 to $1.08 and from $0.85 to $0.56, respectively.