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Thursday February 24, 10:33 am Eastern Time
Company Press Release
Robertson Stephens Raises Estimates and Price Target on INTC
SAN FRANCISCO--(BUSINESS WIRE)--Feb. 24, 2000--Robertson Stephens Managing Director and Senior Computer Systems Analyst Daniel Niles today raised his estimates and price target on Intel Corporation (NASDAQ:INTC - news).
Intel is the inventor of the X86 MPU architecture and the world's leading semiconductor supplier.
''We believe the first quarter is off to the best start seen in the last several years,'' said Niles. ''After a strong January, Intel's momentum has continued into February with some signs of life finally starting to emerge in the corporate sector to augment a better-than-expected consumer sector. This first quarter has the potential to see flat to maybe even up quarter-over-quarter revenues for the first time since 1997, versus the seven percent decline seen over the last two years.''
''We believe that ASPs will increase quarter-over-quarter by $3-5, continuing the fourth quarter's upward trend,'' said Niles. ''In addition, we believe that units will be roughly flat with fourth quarter levels of 31.8 million units.''
''We are raising our first quarter earnings-per-share estimate from $0.67 to $0.70, our 2000 estimate from $2.90 to $3.02, and our 2001 estimate from $3.25 to $3.35,'' said Niles. ''We believe these estimates are conservative, even for the first quarter. We believe that upside exists both in units, as the company solves their manufacturing issues, and in ASPs, as higher power Windows 2000 systems begin to ship with a higher mix of PIII processors. We are raising our price target from $125 to $150 and would be aggressive buyers of the stock at current levels.''
Clients interested in receiving more information should contact their salesperson at (415) 781-9700.
Robertson Stephens (www.rsco.com) is the leading full-services investment bank focused exclusively on growth companies. In 1999, the firm completed over 230 public offerings and over 40 private offerings, raising more than $40 billion in capital for clients. In addition, the firm advised on over 80 M&A transactions in 1999 with an aggregate value in excess of $50 billion. The firm's 47 equity research analysts cover nearly 700 companies. Founded in 1978, Robertson Stephens (Legal name: FleetBoston Robertson Stephens Inc.) is a section 20 subsidiary of FleetBoston Financial Corporation (NYSE: FBF - news) and a member of the NASD and all major exchanges. Together, Robertson Stephens, FleetBoston Robertson Stephens International Ltd., and Robertson Stephens Evergreen Securities Ltd. employ over 1,000 employees worldwide with offices in Boston, San Francisco, New York, Menlo Park, Chicago, London, and Tel Aviv.
The foregoing synopses are qualified in their entirety by the more detailed information contained in the full research reports, including the discussion of certain risks associated with an investment in the above-mentioned securities contained in ''Investment Risks.''
The information contained herein is not a complete analysis of every material fact respecting any company, industry or security. Although opinions and estimates expressed herein reflect the current judgment of FleetBoston Robertson Stephens Inc., the information upon which such opinions and estimates are based is not necessarily updated on a regular basis; when it is, the date of the change in estimate will be noted. In addition, opinions and estimates are subject to change without notice. This Report contains forward-looking statements, which involve risks and uncertainties. Actual results may differ significantly from the results described in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in ''Investment Risks.'' FleetBoston Robertson Stephens Inc. from time to time performs corporate finance or other services for some companies described herein and may occasionally possess material, nonpublic information regarding such companies. This information is not used in the preparation of the opinions and estimates herein. While the information contained in this Report and the opinions contained herein are based on sources believed to be reliable, FleetBoston Robertson Stephens Inc. has not independently verified the facts, assumptions and estimates contained in this Report. Accordingly, no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions contained in this Report. FleetBoston Robertson Stephens Inc., its managing directors, its affiliates, and/or its employees may have an interest in the securities of the issue(s) described and may make purchases or sales while this report is in circulation. FleetBoston Robertson Stephens International Ltd. is regulated by the Securities and Futures Authority in the United Kingdom. This publication is not meant for private customers. The securities discussed herein are not FDIC insured, are not deposits or other obligations or guarantees of Fleet Bank or BankBoston N.A., and are subject to investment risk, including possible loss of any principal amount invested.
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Contact:
Robertson Stephens
Press Only:
Elizabeth Denton, 415/248-4757
or
Elizabeth Keys, 202/326-1763
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