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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (2268)	9/19/2000 2:55:26 PM
From: Dealer	Read Replies (1) \| Respond to of 65232

INTC--Bear Sterns--Intel Corporation ( INTC $55 13/16 ) Buy Price Target: $90 Business Remains Solid, Reiterate Buy MarketCap: $374.7 Billion Index: Dow Jones Industrial, NASDAQ 100, S&P 500 INTC's stock has weakened over concerns about the health of the PC market. We believe the PC market is healthy, and should experience normal strong seasonal demand in Q4, which should in turn drive strong unit and revenue growth for Intel's microprocessor business. The PC market apparently fell slightly short of expectations for the back-to-school season. We think the shortfall was likely modest, and was probably due to shortages of low-end microprocessors and delays in the launch of Windows Me (Millennium edition). We expect a strong Xmas quarter. INTCl has made some progress in alleviating supply constraints for its Pentium III microprocessors, and we think INTC will comfortably meet expectations for sequential unit growth in the 9-10% range for the September quarter. A favorable mix shift should lead to a slight increase in blended ASP. Recent checks with industry sources have indicated improving demand for INTC microprocessors in September after a relatively soft August. We believe this is a positive indication for the PC industry and for INTC's business. We view the recent pull back in INTC shares as an excellent buying opportunity. We think that investors will regain enthusiasm for semiconductor stocks and for INTC when it becomes clear that the industry cycle is not over, and revenue and earnings results for Q3 and Q4 are likely to exceed current expectations. We reiterate our Buy and $90 12-month target price Bear Stearns: 12/00E $1.62; Q3 $0.42 12/01E $1.92 Consensus: 12/00E $1.72; Q3 $0.41 12/01E $1.86 Consensus Rating: 1.5 (Last Updated 9/18 )