Poor little Bernstein. The market didn't care about his thesis :-(
Looks like his only follower has been Fastpathguru ;-)
Especially worth to note the catalysts he mentioned, stuff like the Windows XP replacement, 14nm transition/Moore's Law and mobile success (plan for 40 million tablets announced by Intel) have all been known for a long time before. How can he, as an analyst, justify being wrong with things he must have taken into account quite a while ago? Who is listening to those people anyway (except FPG that is)?
Having said that, and I like the current run up, I guess you all know that this is just as unjustified as the beaten down price a year ago. There is still no real success in mobile visible until now. Moorefield is good but let's hope the BOM issue and power drain is not as bad as it seems (7$ a piece is basically a giveaway, everyone can win market share like that). Intel's future roadmap still seems to slow in execution and for Broxton there really is only hope that Intel gets it right this time (3rd or 4th trial that is).
The Nexus 8 (or 9 or whatever) is pretty sure based on Nvidia's Denver (they demoed a game with great visuals on that platform - what hint do we need more?). So, again, no great design win in mobile in sight.
The recovery at the PC side is not sustainable so far. Windows 8 still sucks and that drags down PCs. Chromebooks won't replace that for a while and initially not at the high end. Emerging markets will continue to pull PC demand in the (long) future. I am very confident about that, since those people also need a workhorse at home (no matter what FPG claims). This alone will lead to only slow growth for PCs in the years coming. Not enough to offset for the high costs of 10nm fabs and beyond.
The server market will remain strong for Intel, very strong I think, so that's definitely a plus. Can't see any whimpy ARM making inroads here. Intel's execution is just great and I hope they keep going on like that.
What is really missing is progress in Intel's foundry business by winning key customers as well as filling those fabs with new business, e.g. in-package high-speed memory. There's still no visible plan as to how to fill that excess capacity in the future.
If Intel fixes all that, a much higher share price than the current one is justified. As of now, I don't think Intel is priced right, with the information we have. There's much hope priced in (right after depression was priced in a year ago).
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