Lazard Capital Maintains Neutral on Intel After Lowered 4Q Guidance

Lazard Capital Markets has published a research report on Intel

after the company lowered its 4Q guidance due to HDD shortages. In the report, Lazard Capital writes, "News is no surprise. While the Street expected $14.65B/$0.69, downside to ests has grown as PC OEMs have said that they expect the HDD shortage to have an impact in Q4 and Q1. The news is consistent with our Asia checks (see our Dec. 9 note) where memory players said they were anticipating lower than seasonal notebook shipments. On the positive side, ultrabooks are gaining traction, according to our Asia checks, which is likely due in part to the HDD shortage." Lazard Capital maintains its Neutral rating on Intel, which is currently trading down $1.11 from Friday's $25.01 closing price.