Intel Corp (INTC)

[wbmw]

A) It's INTEL lowering their forcast, not analysts. Analysts are just commenting on Intel's need to do it again and again...

FPG, I realize that. But it's clear the analysts don't believe Intel's new target, either. They think the bottom has fallen out, based on their assessments, and that's where the downgrades are coming from. They think Intel will guide further, further, and further down.

My point is that we'll learn a lot about real market demand after Haswell has a chance to ramp, and the 2013 selling cycles have a chance to sell through. If the market doesn't bite, then we'll have to reset expectations. But with Ivy Bridge holding Intel's decline to 5% YoY, it's hard to imagine them doing any worse than that next quarter.