There is a difference in "Intel as a growth stock" and "Intel as a stock that will grow 10%". IMO, Intel is priced at a level that expects failure when they have demonstrated a consistent growth. I am not saying that INTC will be high growth. I simply expect 10% to 15%. http://ycharts.com/companies/INTC/revenues#compCos=ED&zoom=5
There are 49 analysts for Intel. There revenue estimate increases next year from 54.18B to 57.30B. That is an increase of $3.12B or about 6%. Earnings estimate for next year goes up from $2.38 to $2.50 per share. That estimate is up 5%.
Both of those are way below 10% but they are both substantially above the same numbers of utility companies.
If you compare the PE ratio of INTC with ED over the past 5 years, you can see that the PE ratio spiked up when INTC paid the court fines and then dropped to below that of ED. The crossover happened sometime in 2009 or 2010 if you remove the fines that drove the PE ratio unually high. http://ycharts.com/companies/INTC/pe_ratio#compCos=ED