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USB Piper Cuts Intel Estimates

USB Piper cut its estimates on Intel (INTC).

Analyst Ashok Kumar says Intel's communications business contributed to much of the shortfall. He says weakness in this segment is expected to have a disproportionate impact on Applied Micro Devices as it represents about 40% of the revenue mix for the company versus 7% for Intel. Kumar notes that the weak demand environment in the U.S. and Europe has impacted export-oriented Asian economies.

He cut his $0.93 2001 EPS estimate to $0.60, and cut the $31.6 billion revenue estimate to $26.1 billion. Kumar has zero visibility regarding the timing of recovery. Intel stock has support at historical trough valuation levels of about $26.

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