Bank of America Reiterates Buy Rating on Intel
Symbols: INTC
According to Bank of America, Intel (NASDAQ: INTC) Buy rating is reiterated.
Bank of America said that it reiterates its Buy after Intel's keynote session at the CES show in Las Vegas where CEO Paul Otellini announced a smartphone win with Lenovo (2Q12 phone at China Unicom), and a multi year multi-device relationship with Motorola Mobility (phones expected 2H12). “Our $30 price objective reflects a 12.5x PE applied to our 2012 EPS estimate. The choice of PE is in between its large cap PC and tech comparables (10-11x) and 11-14x PE of Intel's direct semiconductor competitors.”
Intel closed yesterday at $25.01.
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