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USB Piper Keeps 'Buy' on Intel

USB Piper maintains its buy rating on Intel (INTC).

Analyst Ashok Kumar says as expected, revenue will come in towards low end of guidance. He notes non-processor revenues, flash and Comm-ICs continue to remain weak with the timing of recovery uncertain. He maintains his $0.13 Q2 EPS, and $6.1 billion revenue estimates. Due to seasonal factors, Intel maintained its constructive outlook for the second half. But early indications suggest a less-than-robust build going into the back-to-school season. The potential spoiler is margins. However, Intel's bet on capital expenditure should prove beneficial in the long term. Kumar has a $45 target.

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