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Technology Stocks : Intel Corporation (INTC)

INTC 40.56

+10.2%

Nov 28 9:30 AM EST

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To: Road Walker who wrote (114278)	10/18/2000 12:24:14 PM
From: Barry Grossman	Read Replies (1) of 186894

Morning Comments from Chase H&Q 10/18/00 7:10:14 AM cnetinvestor.com RATINGS CHANGE * Intel (INTC) $36.25 - $254B mkt cap: 3Q:00: Better than Expectation; Raising Our Rating to Buy from Market Perform · Intel reported revenue of $8.73B, up 5.2% q/q exceeding our and recently downward revised top line estimate of $8.5B. EPS (excluding acquisition costs) came in at $0.41, beating our number of $0.39. · The guidance for the December quarter revenue growth is in the 4-8% q/q range and we believe will prove to be conservative and highlights the cautionary stance that the company is taking coming off a series of recent mishaps in terms of new product introductions, cancelled products, over enthusiasm for Rambus technology and just plain bad demand forecasting. · When all is said and done, we continue to believe that the year will turn out pretty much as a normal year with PC unit growth of between 15-17% y/y. · Having said all that, we believe that the current stock price reflects all the expected bad news out there. Incrementally as things do get better as we progress into the seasonally strong Christmas season there will be better news that the stock at current prices is discounting. Talking to some of the DRAM suppliers we are picking up that the early signs of Christmas builds are just around the corner. · We are lowering our numbers for the current December quarter and next year to reflect consensus numbers post the recent pre-announcement shortfall. · We are upgrading our rating on the company to Buy from Market Perform and are reiterating our $50 price target.

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