John, >: CSFB upgrades to BUY from Hold, based on capex and headcount cuts that better position INTC for upgrade cycle and efficiencies from 300mm in 2003. Owing to projected higher gross margins, firm raises Q1 est by a penny to $0.15 on rev of $6.8 bln, raises 2002 by 7 cents to $0.70 on rev of $29 bln, and raises 2003 by 11 cents to $0.99 on rev of $33.1 bln.
That's Charlie Glavin, who's been negative, or neutral on Intel for quite a while. He sees the capex lowering vs. last year in the right vein, instead of thinking everything must always go up or things are bad. Charlie also asked the question during the CC about the size of bricks and mortar vs. equipment spending, out of the capex pie for 2002, that led Andy B. to say that capacity put on line last year will allow logic growth this year. Sometimes Andy needs to be prodded to say something good. Anyway, rather have Charlie inside the tent pi$$ing out, than outside the tent pi$$ing in.
Tony |
