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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Brian Hutcheson who wrote (44018)	12/25/1998 7:36:00 PM
From: Tenchusatsu	Read Replies (1) \| Respond to of 1583469

<Kurlak thinks that Intel and IBM are overpriced .> Gee, if Kurlak thinks Intel is overpriced, why did he upgrade the rating on Intel from neutral to accumulate? Perennial Institutional Investor all-star Thomas Kurlak of Merrill Lynch this morning raised his near- and long-term ratings on Intel to accumulate from neutral before the open. He also raised his 12-month price target to 144 and his 1999 EPS estimate to $4.25 a share from $3.60. Intel shares were up 5 3/4, or 4%, to 124 13/16 Tenchusatsu

To: Brian Hutcheson who wrote (44018)	12/26/1998 2:51:00 PM
From: Paul Engel	Respond to of 1583469

Brian - Re: "Kurlak thinks that Intel and IBM are overpriced" He does? Did you check when that Business Week Article was written ? Check out Kurlak's New Religion - circa 12/23/98: (Pay attention to the NEW $144/share TARGET PRICE for Intel) {==================================} zdnet.com Intel hits 52-week high following analyst's upgrade By Larry Dignan Intel Corp.'s worst fan on Wall Street finally broke down and upgraded the stock on Wednesday. Thomas Kurlak of Merrill Lynch raised Intel to an "accumulate" from a "neutral," but it's a little late. Intel shares are more than 30 points higher since Kurlak's downgrade in August, reaching a 52-week high today. Intel (INTC) shares were up 5 13/16 this morning to 124 7/8 in early trading. Kurlak, who wasn't immediately available for comment, raised his 1999 earnings-per-share estimate to $4.25 a share from $3.60 a share. The upgrade was notable for one reason: Kurlak has been warning about Intel for months. Meanwhile, he has been upgrading rival Advanced Micro Devices Inc. Other analysts such as Piper Jaffray's Ashok Kumar have questioned Kurlak's reasoning and upgraded Intel shares ahead of its big move. Kumar was out of the country and unavailable for comment. Kurlak originally cut Intel to a "neutral" in August when the Santa Clara, Calif., company's stock hit about $90 a share. The August downgrade, which was based on falling average selling prices and demand for sub-$1,000 PCs, looked like a good move as Intel shares plummeted to about $71 on August 31, the biggest one-day drop for the Nasdaq. But in his disdain for Intel, Kurlak failed to move quickly on the upgrades and missed a huge Intel move. Intel said fourth-quarter earnings would be better than expected. No upgrade. Meanwhile, other analysts called the big gains. Intel showed it was rebounding with its low-cost Celeron chips. No upgrade from Kurlak. Since Kurlak's last Intel downgrade, shares have moved some 30 points higher. By the way, Kurlak upped his 12-month price target on Intel to $144. {=============================} Paul