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Intel Corporation Message Board

  • sujit_98 sujit_98 Mar 21, 2013 4:07 PM Flag

    Analyst working overtime to keep Intel down .. hilarious !!

    Bernstein Research chip analyst Stacy Rasgon today advises investors not to be swayed by Intel‘s (INTC) rich dividend yield above 4%, arguing that the capital intensity of chip manufacturing may tend to slow the rate of capital returns in coming years.

    Rasgon, who has an Underperform rating on Intel shares, and an $18 price target, made the case earlier in the week that Intel faces mounting costs for chip manufacturing, and today continues with that theme

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    • The flaw in the slaw is no one mentions that the ARM foundries need to spend about 4 times what INTC is spending to catch up. When they do it has never occured to them that they will be selling at a loss if they don't raise prices dramitically. This is where INTC makes a boat load of cash because they have allready depreciated their 22nm lines and will be depreciating their 14nm lines. They also fail to mension that TSM has a net margin of 30% where INTC has a margin of 20%. Follow that forward when TSM starts making 20nm and you can see INTC making much higher margins in their 22nm as these lines are allready depreciated. My take is they are still accumulating INTC, closing their short positions on INTC, and sell off their position and shorting TSM. Could be wrong but I doubt it - seen this play too many times before.

 
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