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Morgan Stanley Ups Intel Outlook

Morgan Stanley raised Intel (INTC) estimates.

Analyst Mark Edelstone says fourth quarter guidance is conservative, and various channel checks suggest the PC-based supply chain demand is exceeding expectations. Edelstone notes the company will provide a mid-quarter update after the market closes on Dec. 5, and he expects Intel to suggest revenues will be at least at the upper end of its $6.5 billion to $6.9 billion guidance, with the potential for the range to increase by $100 million to $200 million.

Edelstone says Intel has enjoyed a strong advance since its October low, but says valuation still is reasonable, and the stock should advance as consensus estimates increase. He raised his 12 cents fourth quarter earnings per share estimate to 14 cents and raised the 49 cents 2002 estimate to 51 cents. He also upped his $22 target to $25. Edelstone still rates the shares as equal-weight.

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