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Technology Stocks : Intel Corporation (INTC) -- Ignore unavailable to you. Want to Upgrade?

To: Bob Kim who wrote (109817)	9/13/2000 11:50:10 AM
From: Road Walker	Read Replies (3) \| Respond to of 186894

We've got Bank of America downgrade of AMD and Intel; Pru downgrade of AMD (but maintaining strong buy on Intel). I'm not sure about the Montgomery report, could be that CNBC was just mixed up. And you've got Kumar last week, and Niles strangely quiet on Intel. At any rate, where there is this much smoke, something is usually at least smoldering if not on fire. John

To: Bob Kim who wrote (109817)	9/13/2000 11:53:31 AM
From: GVTucker	Read Replies (1) \| Respond to of 186894

Whaddaya know. Thanks for the correction. There's another analyst type semi guy that has the last name, and I just figured that it was him. I never would have thought Rick was going to go back to the sell side.

To: Bob Kim who wrote (109817)	9/13/2000 11:53:51 AM
From: Tony Viola	Respond to of 186894

Bob, a positive bit of opinion on Intel for the day, from Pru: 10:46am EDT 13-Sep-00 Prudential Securities AMD: DOWNGRADING TO ACCUMULATE FROM STRONG BUY AMD: DOWNGRADING TO ACCUMULATE FROM STRONG BUY R E S E A R C H N O T E S September 13, 2000 Subject: Advanced Micro Devices (AMD-$30 1/2)--NYSE OPINION ========= Current: ACCUMULATE Analysts: Hans C. Mosesmann (650)320-1631 Prior: STRONG BUY Traci Tsuchiguchi (650)320-1639 RISK: High 12-Month Target Price: $35 ======================================================================= Ind. Div.: - Yield: - Shares: 352.4 mil. 52-Wk.Range: 49-8 _______________________________________________________________________ EPS FY Year P/E 1Q 2Q 3Q 4Q Actual 12/99 $ (1.08) N/A $(0.41) $(0.54) $(0.36) $0.21 Current 12/00 $ 2.53E 12.1X $0.57A $0.61A $0.63E $0.73E Current 12/01 $ 2.65E 11.5X $0.62E $0.59E $0.67E $0.77E ======================================================================= - We are downgrading AMD due to what we believe is greater than expected inventory accumulation of Athlons in a very backend loaded quarter. This could be due to mix and motherboard infrastructure issues as AMD ramps the socket A versions (pin grid array package) of Athlon and de-emphasizes the Slot A versions. - We do not believe there is a demand problem in the market and view the PC market as solid. On the margin, this is good news for Intel (INTC-64 7/8, Strong Buy), which continues to be challenged to meet demand at the low end (Celeron) and high end (Xeon). - We are comfortable with our estimates for AMD in Q3 as we expect upside to our Flash memory sales assumptions. However, there is risk to our Q4 number due to the possibility of processor pull-ins from Q4 to Q3. - Downgrading AMD to Accumulate from Strong Buy. Our new price target is $35 from $67. - Our 2001 EPS estimates are under revision.