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Here’s why the market is wrong on Intel: Portfolio manager

Talking Numbers

Intel says revenues next year will be flat. But, is there future growth ahead?

It looks like the markets may once more spurning shares of Intel.

The chipmaker is down over 5% Friday after the company said next year's revenues would be flat.

Chad Morganlander, portfolio manager at Stifel Nicholaus' Washington Crossing Advisors, says his company is bullish on the Intel.

"We own this stock in our rising dividend portfolio," says Morganlander on CNBC's Street Signs' Talking Numbers segment. "We have a price target of roughly about $28 a share. It's got a 3.7% dividend. And, the dividend growth year-over-year has been over 10%"

While 2014 may be nothing to talk about on the top line, "in 2015, we think this company is going to start growing again," says Morganlander. "The growth of this stock price is going to correlate with their inroad into mobile as well as tablets. If they start to really gain market share there, then the stock starts to take off."

JC O'Hara, Chief Market Technician at FBN Securities, also owns shares of Intel and is bullish. "I still like the stock right here," says O'Hara.

To see what levels are significant for Intel on O'Hara's charts and to get the rest of Morganlander's analysis, watch the video above.

[Disclosures: Intel Corporation is a client of Stifel or an affiliate or was a client of Stifel or an affiliate within the past 12 months. Intel Corporation is provided with non-investment banking, securities related services by Stifel or an affiliate or was provided with non-investment banking, securities related services by Stifel or an affiliate within the past 12 months. Stifel expects to receive or intends to seek compensation for investment banking services from Intel Corporation in the next 3 months. Stifel or an affiliate has received compensation for non-investment banking, securities related services from Intel Corporation in the past 12 months. Stifel makes a market in the securities of Intel Corporation.]

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