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Bear Stearns Repeats Buy Rating on Intel

Intel (INTC) posted $0.38 Q4 earnings per share from operations on a 6% rise in revenues. Bear Stearns reiterated its buy rating on shares of the chipmaking giant.

Analyst Charles Boucher says Intel met reduced estimates. However, the company stated that Q1 revenue would likely be down by about 15% quarter over quarter due to extremely poor visibility. Intel thinks the problems are economic in nature. Boucher agrees with the company's assessment that its capital expenditure and R&D spending plans should help it exit the current downturn with a stronger competitive position. He thinks the PC and semiconductor markets will recover as the economy begins to turn up. He cut his $1.55 2001 EPS estimate to $1.05. Boucher is still optimistic on Intel's long term potential, and has a $60 12-month price target on the stock.

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