Tuesday, September 02, 2003 11:35:17 AM
Analyst John Lau, who formerly worked at RBC Capital Markets, said the PC recovery will be driven initially by new Centrino-based notebooks worldwide and desktops in Asia. Centrino is the wireless chip Intel unveiled early this year.
In the case of Intel, Lau said it remains "one of the best-positioned semiconductor companies in the PC sector," with upside earnings potential as the PC industry accelerates into 2004.
As for competitor AMD, Lau said the upcoming launch of the company's new 64-bit microprocessors will expand the chip maker into the corporate and server markets. He noted that the new chips may not have a significant revenue impact in the second half of 2003 but that AMD's opportunities will be greater in 2004.
Lau set a $13 price target on shares of AMD and a $32 target on Intel's stock.
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