Oppenheimer Maintains Perform Rating for Intel

In a company update published earlier today, Oppenheimer Holdings maintained its Perform rating for Intel Corporation

, but did not name a price target. Oppenheimer went on to say “On Thursday, we joined a packed house at Intel HQ for the company's analyst day. Tone was positive as CEO Paul Otellini and CFO Stacy Smith touted the company's large and growing manufacturing advantage. Mgmt confirmed that both 2Q and 2012 are tracking as expected, and importantly on the heels of CSCO results, that INTC hasn't seen a weakening in enterprise demand. The company sees healthy growth in 2013 as it remains focused on cloud data center, personal computing, mobile devices and intelligent systems. Pervasive throughout the afternoon was mgmt's confidence in INTC's ability to leverage the company's process lead across all product lines to lower costs in an increasingly competitive environment. Mgmt sees the semiconductor industry at an inflection point as we move to 450mm, an inflection that likely spurs consolidation. Shares are up 12% YTD vs. the SOX up 7%. We see INTC tied to PC unit growth this year while taking a wait-and-see approach to its mobile strategy and maintain our Perform rating for now.” Intel Corporation closed yesterday at $27.24.