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CS First Boston Reinstates Intel with 'Buy'

Credit Suisse First Boston reinstates coverage on Intel (INTC) with buy.

Analyst Tim Mahon says results were in line with the Street. Mahon says first quarter revenue was the first year over year increase in four quarters, and thinks the worst is behind for units and application service providers in flash business. As the PC market matures, he believes the following drivers will help Intel sustain its long-term growth rate in the mid-teens: Server, workststion, mobile processors that focus on the corporate market; X-scale architecture; and flash memory growth driven by continued proliferation in electronic and handheld devices. Mahon sees $0.70 2002 EPS, and $0.96 for 2003. He has a $39 12-month target.

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