Rodman & Renshaw Reiterates Outperform, $27 PT on Intel

Rodman & Renshaw maintains its Outperform rating and $27 target price on Intel

as it modestly revises estimates to reflect lower 4Q guidance due to shortage of HDD supply. Rodman says, “We are revising our estimates for FY11 modestly. For 4Q11, we now expect revenue and non-GAAP EPS of $13.7bn and $0.62 compared to our earlier estimates of $14.2bn and $0.67. We are also lowering our revenue and non-GAAP EPS estimates for FY12 to $53.1bn (+0.3%, Y/Y) and $2.10 from $55.1bn (+2% Y/Y)/$2.43.” INTC closed at $24 per share on Monday.