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UBS Slaps a Buy on Intel Stock
Headcount reductions and improving microprocessor unit sales should help Intel raise margins over the next two years, UBS argued in upgrading the shares to buy from hold Monday. UBS also raised its Intel price target to $23 from $21, reflecting a higher 2007 earnings estimate of $1.28 a share and a higher estimate of Intel's price-to-earnings multiple.
The brokerage expects Intel's year-over-year growth in microprocessor unit sales to go from nothing to near 10% by the end of 2006, then remain in the double digits through 2007, in part because of the Microsoft Vista release. Intel's shares, down 26% for the year, are trading near a three-year low. UBS believes the stock will climb back to levels of late 2005.
Posted by | Mon, Jun 19, 2006 - 06:28 AM
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