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J.P. Morgan Cuts Intel to 'Neutral'

J.P. Morgan downgraded Intel (INTC) to neutral from overweight.

Analyst Christopher Danely says he has yet to see any meaningful improvement in notebook segment; he forecasts a 13% sequential decline in Taiwanese notebook shipments during the first quarter, well below the normal seasonal decline of 5%. As a result, he says Intel will not raise guidance during its mid-quarter update for the first time in almost a year.

Danely says channel checks indicate second-quarter bookings at Intel have been soft. Further, he says the company's delay in launching the Prescott and Dothan chips could hurt overall average selling prices (ASP) in the near term as price cuts on prior generation chips are not buffered by higher ASPs from new products.

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