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Technology Stocks : Semi Equipment Analysis

SOXX 309.40

+1.0%

Dec 5 4:00 PM EST

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To: michael97123 who wrote (10107)	6/13/2003 9:23:26 AM
From: Return to Sender	of 95530

Intel Ready for a Breather, Analyst Says By TSC Staff 06/13/2003 08:20 AM EDT Updated from 7:57 a.m. EDT Deutsche Bank Securities cut its rating on chip giant Intel (INTC:Nasdaq - news - commentary - research - analysis), citing the stock's valuation and saying there don't appear to be any additional near-term catalysts that could drive the shares higher. The research firm cut its rating on Intel to hold from buy but left its price target unchanged at $22. The shares ended Nasdaq trading Thursday at $22.14. On Instinet Friday morning, the stock was down 20 cents to $21.94. Also left unchanged were Deutsche's 2003 and 2004 earnings estimates on the semiconductor maker. The 19% rally in Intel's stock since May 22 was one of the driving factors behind the downgrade, the research firm said. "In general we believe that current consensus [second-half 2003] forecasts for semiconductor companies, which imply 3% and 4% higher sequentials than the 20-year industry average, are more subject to downside risk than upside risk," Deutsche wrote in a research note. "Following a strong performance for semiconductor stocks over the past 4 months, we expect a period of retrenchment (or at least consolidation) through the slower summer months." Additionally, Deutsche said, the stock has climbed 46% since its February low, adding $45 billion to its market capitalization. thestreet.com

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