stock could see appreciation due to this being the third quarter, UBS wrote in a research note.
The brokerage raised its Intel price target to $29 from $26, citing higher expected earnings over the 12 months to the end of June 2005 compared with the 12 months to the end of March 2005.
Lilly Gets FDA Breakthrough Status for Alzheimer's Drug
Eli Lilly received FDA breakthrough status for its donanemab Alzheimer's drug, speeding the agency's review of the product. The shares are higher.
Bed Bath & Beyond Leaps on Bank of America Upgrade, Fading 'Meme' Interest
BofA analyst Curtis Nagle says Bed Bath & Beyond shares are trading closer to their pre 'meme mania' levels, and represent good retail sector value.
"We are rolling our forward 12 months' EPS window one quarter farther into the future to the September 2004 -- June 2005 interval for all our companies reporting in July," UBS wrote. "For Intel, this increases the forward period EPS to $1.06 from 99 cents. Applying a 27-times P/E we arrive at our $29 price target."
UBS expects Intel to post revenue of $6.7 billion and earnings of 13 cents a share for the second quarter. "We believe that other than the overall sales and earnings, many investors will be focusing on the number of Pentium/Centrino units sold. We are currently projecting roughly 1.2 million units and believe there could be upside from this level by up to 200,000 units," UBS wrote.
Intel was recently up 15 cents, or 0.6%, to $23.30 on the Instinet premarket session.