Updated from 9:55 a.m. EDT
This is like initiating coverage on
with a sell rating after
Little Big Horn
, but for what it's worth, analysts have been downgrading, cutting estimates and sounding pretty negative on
this morning, after the chip maker issued an earnings warning yesterday telling the market that revenue would fall short of expectations.
A multitude of analysts have taken action on Intel this morning, after some freely admitted being
wrong in supporting the company yesterday.
cut earnings estimates and suggested that other factors besides Europe could be at work, including inventory and demand issues. Merrill,
Credit Suisse First Boston
have notably not changed their ratings -- just lowered estimates.
Deutsche Banc Alex. Brown
downgraded the company to market underperform from strong buy, as did
Chase Hambrecht & Quist
Analysts have also taken action on other technology companies.
Alex. Brown and Chase H&Q also lowered their ratings on competitor
Advanced Micro Devices
, both to market perform from buy.
cut its rating on
to buy from strong buy, and also lowered ratings on
Salomon Smith Barney
also downgraded Intel to outperform from strong buy, and
downgraded Intel to accumulate from strong buy.
Merrill Lynch has defended other technology companies with European exposure, including
, but it did warn of worries for tech giant
, saying Europe could affect that company as well.
: price target UP to $52 from $47.50 at
: UP to buy from accumulate at Merrill Lynch.
: UP to buy from outperform at Salomon.
: third-quarter EPS DOWN to 83 cents from 88 cents at Alex. Brown.
Lernout & Hauspie
: DOWN to underperform from neutral at Lehman.
: DOWN to outperform from buy at Salomon.
Morgan Stanley Dean Witter
: Fiscal 2001 EPS DOWN to $6.00 from $5.55; fourth-quarter EPS DOWN $1.55 from $1.75 at Salomon.
: third-quarter EPS DOWN to $1.02 from $1.05 at Alex. Brown.
: DOWN to neutral from buy at Merrill, and down to buy from strong buy at CSFB.
: NEW hold at UBS Warburg; price target of $70.
: NEW strong buy at UBS Warburg; price target: $30.
Johnson & Johnson
: NEW neutral at Lehman.
: NEW buy at
W. R. Hambrecht
: NEW buy at CSFB.
Alex. Brown sliced its rating on three radio stocks: