American Technology Research is removing Intel (NASDAQ: INTC) from its FOCUS LIST this morning. AmTech is still maintaining its official Buy rating and its $27.00 price target on the stock and noted that the 12-month outlook remains upbeat.
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
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