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To: Johnny Canuck who wrote (44979)	9/12/2008 6:28:11 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 70771

10:03 am Intel: Q3 PC checks modestly weaker, cutting 2009 ests and tgt to $26 - FBR: . Friedman Billings says recent checks into Q3 PC builds with the top five notebook ODMs and top four desktop motherboard makers are modestly weaker than firm's month-ago checks and reflect slightly muted seasonal shipments now vs. in-line seasonal shipments one month ago... For Intel, with 3Q industry PC units still tracking to grow in the mid-teens sequentially, and with Montevina and Atom shipments ramping, they believe INTC is tracking towards the midpoint of its 3Q revenue guidance range. Intel's 4Q ests could be at risk, however, as the Street forecasts 7% sequential growth off of a strong base of 3Q shipments, and given that some of the new product 'goodness' seen in 3Q may not repeat in 4Q. Firm is lowering their tgt from $27 to $26, a steady 18x forward P/E multiple (2009). Firm cuts 2009 EPS ests from $1.45 to $1.40 (consensus $1.50).