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Robbie Stephens Upgrades Intel to 'Buy'

Robertson Stephens upgraded Intel Corp. (INTC) to buy from market perform.

Analyst Eric Rothdeutsch says recent checks indicate Intel appears to be foregoing a desktop P4 price cut, which, if macroeconomic conditions permit, would be the first quarter without a price cut since the peak of the 1995-1996 upgrade cycle. Rothdeutsch notes Intel also appears to be nailing the 0.13 micron process transition that is accelerating speed introductions, also while reducing costs. Given his expectations of seasonally-improved PC demand in the back half of year, and better ASPs, Rothdeutsch is upgrading the stock and setting a $34 12-month price target. He sees $0.70 2002 earnings per share and raised his $1.00 2003 estimate to $1.05.

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