Doug Freedman, Managing Director of Research at American Technology Research, noted specifically that risk/reward is now more balanced than when the firm added Intel to this list on January 22.  Freedman noted on seasonality and sentiment:

• "Near-term we believe the stock will be sentiment-driven as January data points come out, and as the PC food-chain will likely be seasonally weak.  We believe Intel remains well-positioned to gain share, firm up ASPs and grow margins to guidance in 2008. Near-term, we believe data points around the PC food-chain will be mixed as a combination of seasonality and macro factors impact guidance and sentiment…. We view valuation as compelling and view INTC under $20 as a good long term investment."

This is still a bullish call on a longer-term basis, but it is much more muted than the "we’d buy right here right now"call from January.

Jon C. Ogg
February 4, 2008