Bernstein says to use upside in 2H 2013 to short Intel Bernstein believes Intel expectations for growth as well as attendant loading plans appear aggressive. The firm expects a repeat of last years events where Intel continued to build product in hopes of the Ivy Bridge refresh and was forced to cut loadings and inventories at year end. The firm adds that PCs are not a growth market and views risk as further price declines in the core business as considerable. Shares are Underperform rated with a $18 price target.
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