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Buy Intel on a Pullback Below $23

Intel (NASDAQ:INTC) — The world’s largest semiconductor chip maker has traded in a flat band from about $20 to $24 for two years. That may be coming to an end though, as the introduction of Ultrabooks and Windows 8 provides Intel with new growth opportunities, according to Credit Suisse analysts. The company should also benefit from big data/fast data trends.

Earnings are estimated at $2.45 this year and $2.65 in 2012. At under 10 times earnings, the stock is targeted by analysts at $32-plus.

Technically INTC broke from the two-year consolidation in October with a price objective of $35. But a negative estimate for Q4 due to supply issues dropped the stock from over $26 to just under $24.

Yesterday’s earnings disappointment from Oracle (NASDAQ:ORCL) may result in a sell-off in the sector and an opportunity to buy Intel at under $23.

Intel has a dividend yield of 3.5% and a history of dividend increases.

Trade of the Day – Intel (NASDAQ:INTC)
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