Technology stocks dipped in morning trading after Wall Street analysts revised their views on several key market players. Worries about the Asian market have forced analysts to revise their thinking about the overall PC market, and that has affected ratings for major PC players and chip suppliers such as Intel Corp. “We cut our Intel numbers when we cut our PC numbers,” said Mark Specker, an analyst at Soundview Financial Group, in San Francisco. “They’re much more exposed worldwide.” Specker, who had predicted that worldwide PC growth would be about 21 percent in 1998, has lowered that to 18.8 percent because of concerns about the Asia/Pacific market. He revised his 1998 earnings per share estimates for Compaq from $3.66 to $3.45, although he maintains a “buy” rating on the stock. Soundview also cut Intel’s 1998 earnings per share estimate from $4 to $3.84, keeping the rating on the stock at “short-term hold” and “long-term buy.” Specker was not alone. Deutsche Morgan Grenfell Inc. cut Intel’s 1998 EPS estimate to $3.50, while Hambrecht & Quist lowered its estimate from $4.10 to $3.90. BancAmerica Robertson Stephens changed its recommendation from “buy” to “long-term attractive.” Nevertheless, Intel’s stock was up 25 cents this… Read full this story
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