As is the practice, the analysts are out in full force this morning, the day after

Intel

(INTC) - Get Report

announced the fourth quarter wasn't going to end up the way it had hoped.

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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.

Lehman Brothers'

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.

ABN Amro

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.

Goldman Sachs

cut fourth quarter estimates to 38 cents a share from 42 cents, and lowered 2001 estimates to $1.55 from $1.80.

Robertson Stephens

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.

UBS Warburg

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.

Deutsche Bank

dropped 2000 estimates to $1.64 from $1.73, but maintained its underperform rating.

Going against the grain,

CIBC

upgraded the company to a buy from hold, setting a price target of $42.