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Ahead of the Bell: Lehman lifts Intel price target

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May 15, 2008

NEW YORK—Shares of Intel Corp. edged higher in premarket trading Thursday after a Lehman Brothers analyst raised his price target on the chip maker, citing strong product demand.

In a note to investors, Lehman Brothers analyst Tim Luke raised his price target to $26 from $24, implying he expects the stock to gain 9 percent.

Although uncertainty about the global economy could cloud Intel's outlook later in the year, recent checks suggest demand for the company's notebooks is robust, and Intel appears poised to roll out several new chipset products during the year, Luke said.

He added that disruption in chipset manufacturing from this week's earthquake China's Sichuan province appears "modest" for now, and predicted production would resume on Friday.

Luke reiterated an "Overweight" rating on the Santa Clara, Calif., company. Its stock rose 24 cents to $24.08 in premarket trading.

On Wednesday, shares closed at $23.84.

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