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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: Steve Fancy who wrote (76727)3/18/1999 3:04:00 PM
From: Doughboy  Read Replies (2) of 186894
 
Summary of Merrill Report:

I don't know how to post .pdf files, so I'll just have to summarize the Merrill Lynch report which reinitiates coverage on Intel. Very Positive--Osha is a much bigger bull on Intel than Kurlak. Osha's one sentence conclusion on Intel: "Intel has what it takes to win." He reinitiates coverage with a bullish 2-1 rating (Intermediate term: Accumulate; Long Term: Buy), and blasts competitors AMD and National with 3-3 neutral ratings. New 12-month price target of 142 (30x FY99E).

Estimates '99 earnings of 4.73 above consensus estimates and representing 37% growth from '98; thinks Intel will blow away estimates especially in the 2d Half of this year. Estimates '00 earnings of 5.62 or 19% earnings growth. Revenue growth of 21% for the next two years ('99 31.8 bb; '00 38.5 bb)

Commentary: Thinks PC market is in transistion to a consumer electronics model, but doesn't think that that is all that bad; the other analysts are underestimating the unit growth that will be spurred by lower ASPs. Anyway, Intel has moved smartly into a the server market and that will provide the higher margins that Intel is accustomed to.

Thinks concerns about this quarter are overblown. Intel will be fine. Explained that the euphoria got too high over the chip market in December as the backlog grew, but the change in sentiment has been too severe. Intel has been steady in its response throughout this period, hence Osha thinks they will meet or beat estimates.

Doughboy.
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