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To: kemble s. matter who wrote (63565)	9/3/1998 4:53:00 PM
From: D.J.Smyth	Read Replies (1) \| Respond to of 176387

ot on Intel: 15:49 DJS Morgan Stanley Analyst Continues To Tout Prospects For Intel 15:49 DJS Morgan Stanley Analyst Continues To Tout Prospects For Intel NEW YORK -(Dow Jones)- Morgan Stanley Dean Witter analyst Mark Edelstone upped his earnings views on Intel Corp. for this year and next year, a source at the firm said Thursday. Edelstone raised his 1998 estimates to $3.15 a share from $3.05 a share. This puts Edelstone's estimate well above the First Call mean estimate of $3.03 a share. Edelstone also boosted his 1999 estimate on Intel to $3.90 a share from $3.85 a share. The First Call estimate for Intel's 1999 earnings is $3.63 a share. The Morgan Stanley analyst has been trumpeting the semiconductor giant's stock in recent week. Late last month, Edelstone reiterated his "strong buy" rating on Intel and his 52-week share price target of $110. "We believe the semiconductor industry fundamentals have continued to improve since the collapse in May, and we believe the recovery has been led by Intel and other well-positioned companies that sell into the PC sector," he wrote on Aug. 25. At the close, Intel stock (INTC) was up $1.875, or 2.5%, at $76.75. The stock is still off more than 15% from Aug. 18, when it hit $92.625. Intel, whose products act as the brains for most personal computers, was on track not long ago to begin generating more profits than any other corporation. But price wars, slowing sales growth and stiffer competition have derailed its progress. Worrisome signs continue for Intel's main business. The company has been battered by an unexpected buildup of chip inventory at big PC makers, a slowdown in Asia and renewed competition at the low end that is exacerbated by growing demand for PCs that cost less than $1,000. The company had already forecast that second-quarter revenue would be flat compared with a lackluster first period, though it expects a rebound in the second half of the year. In July, Intel posted a 29% decline in second-quarter earnings to $1.17 billion, or 66 cents a share, falling short of analysts diminished estimate of 68 cents a share. But the company made comments about the third quarter that suggest that the chip giant's market-shaking slide may have bottomed out. Copyright (c) 1998 Dow Jones & Company, Inc. All Rights Reserved. 09/03 3:49p CDT