Standpoint is arguing that Intel is a hold at a TTM PE that is substantially discounted to the Dow. Intel would have to go up almost 33% to equal the TTM PE of the rest of the Dow, or a little over $30 a share. However, Intel's yield is higher and the outlook for growth is better. The old idea that Intel will stay between 19-23 even though it has been growing in double digits for some time just doesn't work when you do the math. Intel has quietly added Infineon and Mcafee, as well as growing the core business and they are growing rapidly. I suspect it will be another vindication for Intel mgmt's forecasts in a couple of weeks, and I think the market has thought this through. I think Intel hits a 52 high in the next two weeks.