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Bear Stearns Trims Estimate for Intel

Intel (INTC) reported earnings per share of 33 cents, above the consensus estimate of 25 cents. Bear Stearns trimmed its estimates, but says it sees weakness in the stock as a time to buy.

Analyst Gurinder Kalra says the strong performance from the company's Architecture Group led to better than expected results. Kalra says revenues came in above his estimate, and the 27 cents in EPS if include 6-cents tax benefit that was not anticipated previously is still better than his 25 cents estimate.

The analyst notes management said for the first time that corporate PC purchasers is picking up in North America. He thinks strong server sales (up 25% from the previous quarter) also adds to growing evidence of pick-up in corporate IT spending.

Kalra trimmed his $1.38 EPS estimate to $1.37. He thinks any weakness in Intel shares is a "tremendous buy opportunity." He kept an outperform rating and $40 price target.

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