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Intel Corporation Message Board

  • to.josie to.josie Dec 2, 2012 3:51 PM Flag

    Latest Barrons (Dec. 3 issue) says BUY INTC! Mid to high $20s on the way.

    Should be good for a rally to mid or high $20s.

    Sentiment: Strong Buy

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    • Two separate articles on Intel.

      First,

      MKM Partners likes On Semiconductor, Fairchild, Qualcomm and three others.

      "Our framework analyses suggest that, after significant cuts over the course of the last two months, consensus estimates for 2013 / 2014 for broad-based semiconductors are much more realistic. Unfortunately, valuation for many names suggests that investors expect a sharper (and faster) snapback than seems likely. It has historically paid to own these stocks when numbers are no longer going down, but we struggle to see how the group broadly will be higher a year from now.

      We view On Semiconductor and Fairchild Semiconductor International as the most attractive cyclical names because we see clear upside to estimates on reasonable valuation. We also remain positive on product stories Qualcomm, Broadcom, as well as Intel (consensus structurally too negative, but the .... "

    • Two separate articles on Intel.

      First,

      MKM Partners likes On Semiconductor, Fairchild, Qualcomm and three others.

      Our framework analyses suggest that, after significant cuts over the course of the last two months, consensus estimates for 2013 / 2014 for broad-based semiconductors are much more realistic. Unfortunately, valuation for many names suggests that investors expect a sharper (and faster) snapback than seems likely. It has historically paid to own these stocks when numbers are no longer going down, but we struggle to see how the group broadly will be higher a year from now.

      We view On Semiconductor and Fairchild Semiconductor International as the most attractive cyclical names because we see clear upside to estimates on reasonable valuation. We also remain positive on product stories Qualcomm, Broadcom, as well as Intel (consensus structurally too negative, but the ....

    • Two separate articles on Intel.

      First,

      MKM Partners likes On Semiconductor, Fairchild, Qualcomm and three others.

      "Our framework analyses suggest that, after significant cuts over the course of the last two months, consensus estimates for 2013 / 2014 for broad-based semiconductors are much more realistic. Unfortunately, valuation for many names suggests that investors expect a sharper (and faster) snapback than seems likely. It has historically paid to own these stocks when numbers are no longer going down, but we struggle to see how the group broadly will be higher a year from now.

      We view On Semiconductor and Fairchild Semiconductor International as the most attractive cyclical names because we see clear upside to estimates on reasonable valuation. We also remain positive on product stories Qualcomm, Broadcom, as well as Intel (consensus structurally too negative, but the .... "

    • Two separate articles on Intel.

      First,

      MKM Partners likes On Semiconductor, Fairchild, Qualcomm and three others.

      "Our framework analyses suggest that, after significant cuts over the course of the last two months, consensus estimates for 2013/2014 for broad-based semiconductors are much more realistic. Unfortunately, valuation for many names suggests that investors expect a sharper (and faster) snapback than seems likely. It has historically paid to own these stocks when numbers are no longer going down, but we struggle to see how the group broadly will be higher a year from now.

      We view On Semiconductor (ticker: ONNN) and Fairchild Semiconductor International (FCS) as the most attractive cyclical names because we see clear upside to estimates on reasonable valuation. We also remain positive on product stories ( Qualcomm (QCOM), Broadcom (BRCM)), as well as Intel (INTC) (consensus structurally too negative, but the [ Microsoft (MSFT)] Windows 8 data points seem to be getting worse) and catalyst-driven Micron Technology (MU)."

    • Two separate articles on Intel.

      First,

      MKM Partners likes On Semiconductor, Fairchild, Qualcomm and three others.

      "Our framework analyses suggest that, after significant cuts over the course of the last two months, consensus estimates for 2013/2014 for broad-based semiconductors are much more realistic. Unfortunately, valuation for many names suggests that investors expect a sharper (and faster) snapback than seems likely. It has historically paid to own these stocks when numbers are no longer going down, but we struggle to see how the group broadly will be higher a year from now.

      We view On Semiconductor (ticker: ONNN) and Fairchild Semiconductor International (FCS) as the most attractive cyclical names because we see clear upside to estimates on reasonable valuation. We also remain positive on product stories ( Qualcomm (QCOM), Broadcom (BRCM)), as well as Intel (INTC) (consensus structurally too negative, but the [ Microsoft (MSFT)] Windows 8 data points seem to be getting worse) and catalyst-driven Micron Technology (MU)."

      Also, an article by Andrew Bary.

      How to Play the Economic Recovery
      By ANDREW BARY
      Ross Margolies says the recovery in auto sales and the housing rebound bode well for the U.S. Why he likes Celanese, Hormel, Intel and JPMorgan.

      "Margolies spoke with Barron's recently at his Manhattan offices, weighing in on the shale energy revolution and why he is bullish on the U.S. economy and stock market. His current favorites include Hormel Foods; Celanese; Seagate Technology; JPMorgan Chase; AerCap Holdings, an aircraft-leasing firm; and out-of-favor Intel .

      What do you see in Intel that the market doesn't?

      The stock is around $19.50 now, and it trades for 10 to 11 times next year's earnings. The consensus for 2013 is around $2 a share, but we are assuming projections come down to between $1.75 and $1.85 because the PC market is very tough. It has a dividend yield of more than 4%. We know that Intel [INTC] is cutting back production, and that process takes about six months, and is detrimental to margins while it's happening.

      How bad is the situation?

      The core PC-chip business is weak. Intel has low penetration in the mobile market, and, to top it off, CEO Paul Otellini announced that he is going to retire in six months. So why are we buying it instead of selling it? The answer is that Intel has transformed its business dramatically over the past five years from a manufacturing standpoint and taken out a lot of costs. Technology companies historically have not been disciplined manufacturers. Intel also has a technology lead over other semiconductor makers.

      What's the key there?

      Intel has developed a new three-dimensional chip design called Tri-Gate that allows Intel to develop chips with either more processing power or better battery life. The reason Intel missed the mobile market is that it was always focused on speed, not battery life. As the world went mobile, battery life became more important. Intel has addressed that now. In addition, Intel is the dominant company in making chips for servers, which are very profitable.

      So you think Intel will crack the mobile market?

      Intel should pick up share in the mobile markets where it has none. People are concerned about Intel losing share in PCs, despite the fact that its main competitor, Advanced Micro Devices, is pulling back. Intel should pick up meaningful market share in phones and tablets over time, and if that happens, it should offset what occurs in PCs.

      Do you think the dividend is safe?

      It's very safe. If anything, Intel is going to keep on raising it, although probably not in the next few months. Intel spends an enormous amount each year on capital expenditures. It could easily cut back on a few billion dollars worth of capex, and generate a lot of extra free cash. Intel controls its own fate. As long as Intel keeps its technology lead, it's going to be hard for anyone to keep up.

    • you are way too optimistic

 
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