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Technology Stocks : Intel Corporation (INTC)

INTC 34.50

+2.6%

Nov 21 9:30 AM EST

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To: Paul Engel who wrote (87624)	9/2/1999 7:43:00 PM
From: Harry Landsiedel	Read Replies (3) of 186894

Paul Engel. Re: "In late 1997, he was dumping all over Intel - pretty much writing Intel off to the scrap heat of semiconductor has-beens. It looks like he's seen the light. Maybe he talked with Brother Carl.:) HL "Key Points * Intel's September quarter appears to be ahead of plan, with stronger than expected microprocessor unit growth driven by the back-to-school PC selling season. We look for continued sequential growth in the December quarter. Increased Xeon unit shipments, slowing rate of price declines for Celeron products, and unit crossover between Pentium II and Pentium III have caused blended ASPs to stabilize. * Shipment of the Coppermine 0.18 micron version of Pentium III in the December quarter should enable Intel to regain microprocessor performance leadership and realize improved product mix. Pentium III microprocessors are expected to ship at speeds in excess of 700 MHz in Q4. We think gross margin expansion could exceed expectations, driving EPS upside. * Intel's recent Developer's Forum highlighted the company's IA-64 progress, with the Merced device scheduled to ship by the middle of 2000. The company also unveiled its IXA network processor family, its first major thrust into the communications component market. We believe Intel's communications IC strategy will ultimately be successful as a significant component in its multi-year, multi-layer revenue growth plan. * We are raising our EPS estimates to $2.30 and $2.75 for 1999 and 2000, respectively. We are raising our 12-month target price to $100, which reflects a target 2000 P/E multiple of about 35 times (earnings)." Source: Company data and Bear Stearns & Co. Inc. estimates.

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