At 27 times our 2003 earnings estimate Intel is still expensive relative to its growth prospects and its own history.
More Quotes from Joe Osha:
Just because Intel has faltered does not mean the company is now incapable of executing.Joe Osha
What we see happening is a bottoming to the rate of change in the semiconductor business, which has been negative and less capacity being added by the fourth quarter, which is also good. So, although companies themselves are still very conservative we think that the worst is past in terms of the downturn here.
Joe Osha
The concerns that underpinned our mid-cycle correction thesis are beginning to dissipate, and semiconductor stocks globally are well below their March highs. We would advise investors to begin buying semiconductors more aggressively.
Joe Osha
Given the challenges Intel faces currently with its business model, we think the stock needs to trade on a lower multiple of 2003 earnings to be attractive.
Joe Osha
Intel's mid-quarter update was generally in line with our expectations, which supports our checks suggesting that the PC market is tracking normal seasonality in the back-end loaded third quarter.
Joe Osha
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