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First Albany Ups Intel Estimates


First Albany raises Intel (INTC) estimates.

Analyst Auguste Richard says new guidance leads him to raise his fourth-quarter estimate to 31 cents earnings per share on $9.4 billion in revenue from 28 cents earnings per share on $8.9 billion in revenue. He also raises its 2004 estimate to $1.13 earnings per share on $34 billion in revenue from $1.09 earnings per share on $33.5 billion in revenue. For 2005, it now sees $1.07 earnings per share on $35.2 billion in revenue, vs. $1.00 earnings per share on $34.5 billion in revenue.

He thinks the new guidance is a function more of low expectations and a bounce back from a weak third-quarter rather than a reacceleration in microprocessor demand. Richard notes the stock is currently trading at 21.2 times his new 2005 earnings per share estimate. As such, he maintains his underperform with an $18 target, or 17 times his 2005 earnings per share estimate.


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