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Banc of America Keeps Buy on Intel

Banc of America keeps its buy rating on Intel (INTC).

Analyst John Lau says Intel will provide a mid-quarter update on Jun. 3 after the market closes. He expects the company will narrow its revenue guidance to $7.8 billion to $8 billion, from $7.6 billion to $8.2 billion, and also narrow the gross margin guidance. He forecasts $7.9 billion in revenue and 60.3% gross margin.

Quarter to date, Lau says motherboard and notebook shipments at Taiwanese original design manufacturers are in line with expectations, suggesting normal seasonality with a typical back-end loaded June quarter. He believes Intel's strong position in the PC sector will allow it to maintain pricing power and operating leverage better than almost any other chipmaker through 2005. Lau has a $35 target.

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