07:49 INTC Intel color on mid-quarter update (21.63 )
Goldman says the guidance revision was worse than its downside fears. Also, the slowdown in business accentuates, and may act to drive, the long-term need for acquisitions. The firm also notes that the nature of cyclical, capital-intensive businesses is that they often appear to turn on a dime. If Q4 brings an upward inflection point in end demand, the stock could rise smartly.... Merrill maintains its Neutral rating as investors need to give INTC time to sort out just how low pricing and margins can go before buying the stock on EV/sales or price/book multiples.... CSFB is hopeful that this clears the way for other cos to pre-announce, helping bring down aggressive consensus estimates (especially for 2005). Firm says the rationalization of expectations (both from companies and consensus) that is starting is a healthy process during which semiconductor stocks typically bottom and start to resume growth.... Lehman says that some lowering of expectations were expected, it may take some time for investor sentiment to brighten. Firm lowers target to $23 from $26.... First Albany lowers its target to $24 from $30, but maintains a Buy... Thomas Weisel maintains their Outperform rating on INTC; while they are once again lowering their ests, they believe that much of the execution risk and deterioration in fundamentals is already baked into ests and the stock price