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To: UnBelievable who wrote (7326)	7/17/2001 12:02:06 PM
From: UnBelievable	Read Replies (1) \| Respond to of 209892

ABN AMRO Cuts Intel-2: Says Co Will Likely Miss 2Q Views By Donna Fuscaldo Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--ABN AMRO analyst Paul Leming slashed his investment rating on shares of Intel Corp. (INTC) to reduce from hold Tuesday, saying in a research report that the chip giant will either miss the consensus estimate for the second quarter, or make expectations at the expense of third-quarter results. Intel reports second-quarter earnings after the close of trading Tuesday. The analyst, who said growth expectations for the semiconductor industry are too high, now expects Intel to post 2001 earnings of 42 cents a share, down from his previous estimate of 56 cents a share and 2002 earnings of 60 cents a share, down from his previous view of 80 cents a share. Leming also said that it is difficult to justify Intel's current valuation. "Intel remains an extraordinarily strong company from a technological standpoint and from a financial standpoint," wrote the analysts. "We just believe the days of growth consistently exceeding 20% per year are long, long gone. At 15 to 20 time earnings Intel would likely be an attractive investment. At 37 times consensus estimates for next year, we believe the risks in owing Intel are all to the downside." The consensus estimate is 10 cents for the quarter. Shares of Intel were recently trading at $28.70, according to Reuters Instinet. The stock finished the regular trading session Monday at $29.13, down 3.5%, or $1.06. -By Donna Fuscaldo, Dow Jones Newswires; 201-938-5253; donna.fuscaldo@dowjones.com