Lehman trims Intel's Q3, Q4 earns estimate 05.10.2004 14:43 Headlines
NEW YORK (AFX) -- Lehman Bros. expects Intel Corp.'s third-quarter revenue
growth to be closer to the low end of the chipmaker's expected range of 3 to 8
percent. Analyst Tim Luke also trimmed his third-quarter earnings estimate to 27
cents a share from 28 cents, his fourth-quarter earnings forecast to 30 cents a
share from 31 cents, and his gross margin estimate for the second half of 2004
to 58 percent from 58.5 percent. The stock, a component of the Dow industrials,
was slipping 8 cents to $21.05 in Instinet pre-open trading. Luke believes
desktop PC sales remain soft, back-to-school notebook sales have been mixed and
sees some slippage in average selling prices. He reiterated his "equal weight"
rating on the stock and $22 price target. Intel is scheduled to reveal
third-quarter results on Oct. 12.
This story was supplied by CBSMarketWatch. For further information see
www.cbsmarketwatch.com.
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