Analyst Insight UBS Issues Earnings Preview For Intel Said Ongoing Macro Concerns Persist INTC 
UBS issued a note to clients reiterating its Buy rating on shares of Intel NASDAQ INTC ahead of the chipmaker s second quarter earnings UBS analyst Uche Orji said quot For Intel s 2Q results 13-Jul we expect sales EPS of 10 245bn -1 q q 0 43 EPS in line with consensus of 10 251bn 0 43 Inventory gross margin and revenue guidance will be the three issues in focus We expect in line sales gross margin but are concerned inventory could be higher than our estimated 76 days We believe notebook sales have remained solid higher margin enterprise products are improving but weakness in netbooks consumer desktops and a more back end loaded 3Q on expected August price reductions could lead to a risk of a higher than expected inventory build and possibly below seasonal 3Q guidance Buy 30 PT quot Regarding the firm s outlook Orji said quot For 3Q we expect sales EPS of 11 072bn 8 q q 0 51 above consensus of 10 915bn 0 48 with 65 4 gross margin but below normal seasonal 10 seq growth Even as Intel has repeatedly said it plans to build inventory we think ongoing macro concerns would make a sharp build up risky We maintain our view that the semi sector will experience a reset of estimates to conclude by Aug after the major OEMs report earnings - until then our sector view remains cautious quot
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