As is the practice, the analysts are out in full force this morning, the day after
announced the fourth quarter wasn't going to end up the way it had hoped.
After warning that revenue would fall short of expectations, Intel got the ax this morning, with multiple downgrades and reductions in estimates. The company said yesterday that fourth-quarter revenue would fall short of expectations, the second quarter in a row the chipmaker said it would miss expectations.
Dan Niles, in a comment this morning, said any rally in the stock should be sold due to ongoing concerns about slowed demand. Niles cut his 2001 earnings estimates on Intel to $1.40 from $1.65, but cautioned that "this could be optimistic." Niles maintained an outperform rating.
Chase Hambrecht & Quist
lowered its rating to market perform from buy and dropped its price target to $45 from $50.
downgraded the company to a hold rating from add, on expectations of weak demand in the first half of 2001.
Credit Suisse First Boston
cut its 2001 earnings estimates to $1.45 a share from $1.66, and fourth quarter estimates to 37 cents a share from 41 cents, but kept its buy rating.
cut fourth quarter estimates to 38 cents a share from 42 cents, and lowered 2001 estimates to $1.55 from $1.80.
dropped 2000 and 2001 earnings estimates to $1.63 and $1.55 from $1.66 and $1.70, but left alone its long-term attractive rating.
dropped its price target to $40 from $52, and lowered 2000 and 2001 estimates to $1.64 and $1.54 from $1.68 and $1.67, but didn't change its buy rating.
dropped 2000 estimates to $1.64 from $1.73, but maintained its underperform rating.
Going against the grain,
upgraded the company to a buy from hold, setting a price target of $42.