Intel Cut to ‘Neutral’ From ‘Overweight’ at JPMorgan
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Intel Corp., the world’s largest semiconductor maker, was downgraded to neutral from overweight by JPMorgan Chase & Co., on concerns of a slowdown in the European personal-computer market. JP Morgan said the region accounted for about 23 percent of overall PC demand during the third quarter.
Our checks indicate Intel experienced a late-quarter slowdown in order rates from the PC end market, in the fourth quarter of 2007, analysts including Christopher Danely wrote in a note today. JPMorgan cut its 2007 earnings per share estimate for Intel to $1.23 from $1.24 and to $1.66 from $1.68 for 2008. Intel made 19 percent of its sales in Europe in 2006, according to Bloomberg data.
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