Citigroup semiconductor analyst Glen Yeung this morning writes that the Consumer Electronics Show going on this week in Las Vegas is proving to be more “evolutionary than revolutionary,” and he even begins with the quip “at least I saw Snooki,” referring to the fact that the reality star was here hawking something or other at the convention.
Yeung came away “more confident” as regards Intel (INTC), he writes, which discussed on Monday two phone deals for its “Atom” processor, with Lenovo (0992HK), and with Motorola Mobility (MMI).
“Medfield is good,” writes Yeung, referring to the codename for Atom. “Based on our own time with the reference design [the prototype phone Intel showed off at the show], we were impressed by video playback (smooth 1080p), camera (15fps), and gaming. Anecdotally, battery life is 1.5 days before a charge is needed with normal use.”
Concludes Yeung, “We view Medfield as a surprisingly good first effort, look forward to more Medfield announcements at Mobile World Congress, and see it as a good precursor to Silvermont (1Q13). As such, we suspect Intel’s mobile efforts could help expand the stock’s multiple,” which is just 10.8 times forward earnings at the moment versus 13.5 times for the group.
Intel shares this morning are down 5 cents, at $25.75.
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